Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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Taxation of a trust created under a Will turned on the principle of consistency: where the Department had accepted the same Will and Indenture of Declaration of Trust in a subsequent year, and there was no change in facts or law, the Revenue could not take a contrary stand for the year in issue. The Tribunal also held that its appellate powers were not confined by rectification limits and that correct tax liability could be determined on the material before it. The CIT(A)'s order was set aside and the AO was directed to apply the individual rate, subject to verification that the trust was the same trust earlier accepted, with consequential interest recomputation.
Taxation of a trust created under a Will turned on the principle of consistency: where the Department had accepted the same Will and Indenture of Declaration of Trust in a subsequent year, and there was no change in facts or law, the Revenue could not take a contrary stand for the year in issue. The Tribunal also held that its appellate powers were not confined by rectification limits and that correct tax liability could be determined on the material before it. The CIT(A)'s order was set aside and the AO was directed to apply the individual rate, subject to verification that the trust was the same trust earlier accepted, with consequential interest recomputation.
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