Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
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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