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...
TDS u/s 194C - Non deduction of TDS on payment to the persons who were not the owner of the vehicle - The Tribunal interpreted the term "owns" in section 194C(6) to encompass possession rather than strict registered ownership. Referring to section 44AE, which defines "owner" for the purpose of presumptive taxation, the Tribunal concluded that ownership includes possession of the goods carriage, not just registered ownership. Citing judicial precedents and the intention of the legislature to provide benefits to taxpayers, the Tribunal determined that the appellant complied with section 194C(6) by obtaining declarations from those in possession of the goods carriages and making payments accordingly.
TDS u/s 194C - Non deduction of TDS on payment to the persons who were not the owner of the vehicle - The Tribunal interpreted the term "owns" in section 194C(6) to encompass possession rather than strict registered ownership. Referring to section 44AE, which defines "owner" for the purpose of presumptive taxation, the Tribunal concluded that ownership includes possession of the goods carriage, not just registered ownership. Citing judicial precedents and the intention of the legislature to provide benefits to taxpayers, the Tribunal determined that the appellant complied with section 194C(6) by obtaining declarations from those in possession of the goods carriages and making payments accordingly.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
