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...
In the High Court case, the issues addressed included the taxability of pre-payment of sales tax liability, benefits from DEPB License/Focus Market Licenses, and loss of profit due to fire without insurance recovery. The court held that the pre-paid sales tax amount saved by the assessee was a capital receipt, not taxable as revenue. Benefits from licenses were deemed hypothetical income until actual realization, not taxable. Loss of profit due to fire without insurance recovery was not taxable as income until it was enforceable. The court referred to relevant legal precedents to support these decisions. The Revenue appeal was dismissed.
In the High Court case, the issues addressed included the taxability of pre-payment of sales tax liability, benefits from DEPB License/Focus Market Licenses, and loss of profit due to fire without insurance recovery. The court held that the pre-paid sales tax amount saved by the assessee was a capital receipt, not taxable as revenue. Benefits from licenses were deemed hypothetical income until actual realization, not taxable. Loss of profit due to fire without insurance recovery was not taxable as income until it was enforceable. The court referred to relevant legal precedents to support these decisions. The Revenue appeal was dismissed.
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