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...
Validity of reassessment order - disallowance of ITC claim - The court examined the provisions of Section 29 of the Act, which pertains to the assessment of tax on turnover escaped from assessment. It was determined that the scope of reassessment under Section 29 did not include the recomputation of ITC or RITC. The court noted that ITC is an allowance and not part of the determination of turnover or tax liability. Therefore, the jurisdiction to reassess did not arise under Section 29 of the Act for RITC, making the reassessment proceedings against the petitioner without jurisdiction.
Validity of reassessment order - disallowance of ITC claim - The court examined the provisions of Section 29 of the Act, which pertains to the assessment of tax on turnover escaped from assessment. It was determined that the scope of reassessment under Section 29 did not include the recomputation of ITC or RITC. The court noted that ITC is an allowance and not part of the determination of turnover or tax liability. Therefore, the jurisdiction to reassess did not arise under Section 29 of the Act for RITC, making the reassessment proceedings against the petitioner without jurisdiction.
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