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...
Section 2(1-A) amended retrospectively to restrict agricultural land exemption to rural areas, introducing concept of "urban agricultural land" under "capital asset" definition. Tribunal refused to admit additional grounds on merits of Section 115JB MAT computation. Once agricultural land income exempt, cannot be added to book profits for MAT. Tribunal should have allowed submissions before dismissing grounds. HC allowed appeal, set aside Tribunal order, answered legal question in appellant's favor.
Section 2(1-A) amended retrospectively to restrict agricultural land exemption to rural areas, introducing concept of "urban agricultural land" under "capital asset" definition. Tribunal refused to admit additional grounds on merits of Section 115JB MAT computation. Once agricultural land income exempt, cannot be added to book profits for MAT. Tribunal should have allowed submissions before dismissing grounds. HC allowed appeal, set aside Tribunal order, answered legal question in appellant's favor.
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