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...
Reassessment of a partner cannot rest on notional interest on capital or remuneration where the partnership deed merely enables, rather than mandates, those payments. Clauses subject to mutual agreement, including a subsequent amendment providing that no interest was payable, did not establish an enforceable entitlement or actual receipt by the partner. Without material showing that the partner received interest or remuneration, there was no basis to infer income escaping assessment. The High Court therefore quashed the reassessment notices issued to the partner.
Reassessment of a partner cannot rest on notional interest on capital or remuneration where the partnership deed merely enables, rather than mandates, those payments. Clauses subject to mutual agreement, including a subsequent amendment providing that no interest was payable, did not establish an enforceable entitlement or actual receipt by the partner. Without material showing that the partner received interest or remuneration, there was no basis to infer income escaping assessment. The High Court therefore quashed the reassessment notices issued to the partner.
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