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...
GST refund is not taxable when the assessee follows the exclusive method of accounting and does not route the indirect tax component through the profit and loss account. The refund in issue had been recorded as a receivable from the tax department, so it merely represented recovery of an amount already shown as an asset or as loan and advance. As the corresponding tax component had not been claimed as expenditure, the refund did not assume the character of income. The processing adjustment adding it to income was unsustainable and the addition was deleted.
GST refund is not taxable when the assessee follows the exclusive method of accounting and does not route the indirect tax component through the profit and loss account. The refund in issue had been recorded as a receivable from the tax department, so it merely represented recovery of an amount already shown as an asset or as loan and advance. As the corresponding tax component had not been claimed as expenditure, the refund did not assume the character of income. The processing adjustment adding it to income was unsustainable and the addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
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