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...
Insurance premium written back under extraordinary items required verification of whether the original disallowance of the larger amount had survived in appeal, and the balance addition was remitted for consequential recomputation after checking that status. Foreign exchange fluctuation loss was treated as a loss that crystallised only in the subsequent year when payment was made at a higher exchange rate, so it was regarded as an unascertained liability on the balance-sheet date and the disallowance, including the book profit add-back, was sustained. Prior period expenditure, including interest to financial institutions, was allowed in the year of payment where the liability had crystallised, and the corresponding disallowance was deleted.
Insurance premium written back under extraordinary items required verification of whether the original disallowance of the larger amount had survived in appeal, and the balance addition was remitted for consequential recomputation after checking that status. Foreign exchange fluctuation loss was treated as a loss that crystallised only in the subsequent year when payment was made at a higher exchange rate, so it was regarded as an unascertained liability on the balance-sheet date and the disallowance, including the book profit add-back, was sustained. Prior period expenditure, including interest to financial institutions, was allowed in the year of payment where the liability had crystallised, and the corresponding disallowance was deleted.
Note: It is a system-generated summary and is for quick reference only.
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