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...
Refund of accumulated unutilised input tax credit under an inverted duty structure is available where higher-rated ancillary inputs, including chemicals and packing materials, cause credit accumulation, even if the principal input and output supply attract the same tax rate. Section 54(3) does not distinguish between major and minor inputs. The prescribed refund computation applies under Rule 89(5), and the discussed circular restricting refunds to cases involving higher-rated principal inputs had been declared unconstitutional. The text states that rejected refund claims were to be processed and sanctioned with applicable interest after personal hearing.
Refund of accumulated unutilised input tax credit under an inverted duty structure is available where higher-rated ancillary inputs, including chemicals and packing materials, cause credit accumulation, even if the principal input and output supply attract the same tax rate. Section 54(3) does not distinguish between major and minor inputs. The prescribed refund computation applies under Rule 89(5), and the discussed circular restricting refunds to cases involving higher-rated principal inputs had been declared unconstitutional. The text states that rejected refund claims were to be processed and sanctioned with applicable interest after personal hearing.
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