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...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
Import of hot rolled steel plates and steel sheets - Fixing of minimum import price - The petitioner argues that they applied for registration within the stipulated timeframe of 15 days, as required by paragraph 1.05(b) of the Foreign Trade Policy, despite a delay in actual registration. - Despite a delay in registration, the court finds that the petitioner acted in accordance with the Foreign Trade Policy by submitting the letter of credit within the required timeframe. The court emphasizes that the petitioner's compliance with the policy's spirit should be considered. - Matter restored back.
Import of hot rolled steel plates and steel sheets - Fixing of minimum import price - The petitioner argues that they applied for registration within the stipulated timeframe of 15 days, as required by paragraph 1.05(b) of the Foreign Trade Policy, despite a delay in actual registration. - Despite a delay in registration, the court finds that the petitioner acted in accordance with the Foreign Trade Policy by submitting the letter of credit within the required timeframe. The court emphasizes that the petitioner's compliance with the policy's spirit should be considered. - Matter restored back.
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