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...
Validity of reopening of assessment - notice u/s 148 against petitioner company after the approval of the resolution plan for a period prior to closing - liability of previous management - Citing legal precedents and provisions of the Insolvency and Bankruptcy Code, the High court concluded that once a resolution plan is approved, all dues including statutory dues stand extinguished, and proceedings in respect of such dues cannot be continued. - The court clarified that Section 148 of the Income-tax Act pertains to the assessment of escaped income and cannot be used for purposes beyond its scope, such as collecting evidence against third parties.
Validity of reopening of assessment - notice u/s 148 against petitioner company after the approval of the resolution plan for a period prior to closing - liability of previous management - Citing legal precedents and provisions of the Insolvency and Bankruptcy Code, the High court concluded that once a resolution plan is approved, all dues including statutory dues stand extinguished, and proceedings in respect of such dues cannot be continued. - The court clarified that Section 148 of the Income-tax Act pertains to the assessment of escaped income and cannot be used for purposes beyond its scope, such as collecting evidence against third parties.
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