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...
Cancellation of warehouse licenses - Penalty u/s 117 - The Tribunal found that the Department had not adhered to the proper procedure for canceling the licenses and that the appellant had submitted genuine insurance policies for some licenses, which were erroneously cancelled. It also noted that the requirement for submitting NOCs from the port was not mandated by the relevant regulations. - Furthermore, the Tribunal held that the penalty imposed on the Director of the appellant company was not sustainable as the specific contraventions under the Customs Act were not established in the Show-Cause Notice.
Cancellation of warehouse licenses - Penalty u/s 117 - The Tribunal found that the Department had not adhered to the proper procedure for canceling the licenses and that the appellant had submitted genuine insurance policies for some licenses, which were erroneously cancelled. It also noted that the requirement for submitting NOCs from the port was not mandated by the relevant regulations. - Furthermore, the Tribunal held that the penalty imposed on the Director of the appellant company was not sustainable as the specific contraventions under the Customs Act were not established in the Show-Cause Notice.
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