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...
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A refund determined for one assessment year cannot be adjusted under Section 245 against a tax demand covered by a subsisting, unchallenged interim stay order. The stay for assessment year 2022-23 was conditional on specified instalment deposits, had not been challenged or displaced by the Revenue, and was uploaded on the ITBA Portal by the jurisdictional Assessing Officer. Adjustment of the refund against that stayed demand therefore contravened the operative stay order. The High Court quashed the adjustment and directed restoration of the refund with applicable interest in accordance with law.
A refund determined for one assessment year cannot be adjusted under Section 245 against a tax demand covered by a subsisting, unchallenged interim stay order. The stay for assessment year 2022-23 was conditional on specified instalment deposits, had not been challenged or displaced by the Revenue, and was uploaded on the ITBA Portal by the jurisdictional Assessing Officer. Adjustment of the refund against that stayed demand therefore contravened the operative stay order. The High Court quashed the adjustment and directed restoration of the refund with applicable interest in accordance with law.
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