Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
CBDT circulars are binding on tax authorities, but a circular cannot be used to prejudice the assessee where the Assessing Officer has adopted one legally possible view after detailed enquiry. The Tribunal found no lack of enquiry in a section 263 case, noted that the revision was triggered by an audit objection and not independent application of mind, and held that the dispute was only a timing difference with no prejudice to Revenue. It also held that concessionaire rights to construct, operate, maintain and collect toll under a concession agreement are licence-type business or commercial rights, or similar intangible assets, eligible for depreciation under section 32(1)(ii), including on opening written down value.
CBDT circulars are binding on tax authorities, but a circular cannot be used to prejudice the assessee where the Assessing Officer has adopted one legally possible view after detailed enquiry. The Tribunal found no lack of enquiry in a section 263 case, noted that the revision was triggered by an audit objection and not independent application of mind, and held that the dispute was only a timing difference with no prejudice to Revenue. It also held that concessionaire rights to construct, operate, maintain and collect toll under a concession agreement are licence-type business or commercial rights, or similar intangible assets, eligible for depreciation under section 32(1)(ii), including on opening written down value.
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