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...
The ruling addressed the eligibility of Input Tax Credit (ITC) for cars used for demonstration purposes. It was held that demo cars can be eligible for ITC if certain conditions are met, particularly if they are intended for further supply after the demo period. The use of cars for demos does not disqualify them from ITC if they are later used for making supplies. The applicant can claim ITC on demo cars if they are subsequently used for supply. However, this entitlement is subject to conditions, such as not claiming depreciation on the tax component of demo cars' cost and ensuring they are used for further supply. The ruling was made by the Advance Ruling Authority (AAR).
The ruling addressed the eligibility of Input Tax Credit (ITC) for cars used for demonstration purposes. It was held that demo cars can be eligible for ITC if certain conditions are met, particularly if they are intended for further supply after the demo period. The use of cars for demos does not disqualify them from ITC if they are later used for making supplies. The applicant can claim ITC on demo cars if they are subsequently used for supply. However, this entitlement is subject to conditions, such as not claiming depreciation on the tax component of demo cars' cost and ensuring they are used for further supply. The ruling was made by the Advance Ruling Authority (AAR).
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