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...
Customs seizure of gold bars requires objective material showing reasonable belief of smuggled or foreign origin; mere suspicion, a high purity test report, or a claimed "diamond marking" is insufficient without corroborating evidence. The text also stresses that co-noticee statements must be independently supported and properly brought on record under Section 138B before they can sustain confiscation. Penalty under Section 112(b)(i) applies only where the goods are liable to confiscation and the person knowingly dealt with them or had reason to believe they were so liable. The discussion notes that confiscation and penalties were set aside on the recorded facts.
Customs seizure of gold bars requires objective material showing reasonable belief of smuggled or foreign origin; mere suspicion, a high purity test report, or a claimed "diamond marking" is insufficient without corroborating evidence. The text also stresses that co-noticee statements must be independently supported and properly brought on record under Section 138B before they can sustain confiscation. Penalty under Section 112(b)(i) applies only where the goods are liable to confiscation and the person knowingly dealt with them or had reason to believe they were so liable. The discussion notes that confiscation and penalties were set aside on the recorded facts.
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