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...
Negative due date rate in cash-settled crude oil futures was upheld because the contract specifications tied settlement to the NYMEX front-month settlement price converted into rupees, and the DDR was a reference rate applied after trading closed, not a standalone market price. The HC held that traders who chose to retain their positions until expiry could not later insist on a floor price or seek annulment of the settlement, as that would contradict the agreed contract framework and prejudice counterparties. Judicial interference was also declined because the settlement had already been completed across numerous traders and could not be effectively unwound through writ directions.
Negative due date rate in cash-settled crude oil futures was upheld because the contract specifications tied settlement to the NYMEX front-month settlement price converted into rupees, and the DDR was a reference rate applied after trading closed, not a standalone market price. The HC held that traders who chose to retain their positions until expiry could not later insist on a floor price or seek annulment of the settlement, as that would contradict the agreed contract framework and prejudice counterparties. Judicial interference was also declined because the settlement had already been completed across numerous traders and could not be effectively unwound through writ directions.
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