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...
Valuation - Assessable value of import vessel - Revised Price - Initially, a Memorandum of Agreement (MOA) was entered into with a declared Light Displacement Tonnage (LDT) of 10,386 MT for a certain price. However, upon inspection at the time of import, it was found to be 10,200 MT. The appellant argued that they paid the revised price based on the actual LDT found on the ship, which was lower than initially declared. Citing legal precedents, including a Supreme Court case and a Tribunal decision, the appellant contended that the revised price should be accepted for customs duty payment. After considering the submissions and legal precedents, the Appellate Tribunal found merit in the appellant's argument and allowed the appeal, setting aside the impugned order rejecting the revised value.
Valuation - Assessable value of import vessel - Revised Price - Initially, a Memorandum of Agreement (MOA) was entered into with a declared Light Displacement Tonnage (LDT) of 10,386 MT for a certain price. However, upon inspection at the time of import, it was found to be 10,200 MT. The appellant argued that they paid the revised price based on the actual LDT found on the ship, which was lower than initially declared. Citing legal precedents, including a Supreme Court case and a Tribunal decision, the appellant contended that the revised price should be accepted for customs duty payment. After considering the submissions and legal precedents, the Appellate Tribunal found merit in the appellant's argument and allowed the appeal, setting aside the impugned order rejecting the revised value.
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