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...
Deduction for premium paid on redemption of optionally convertible debentures (OCDs) u/s 37 was disallowed. The Tribunal found no obligation existed for the assessee to redeem the OCDs during the relevant previous year, at the time of finalizing accounts, or even when filing the return. No payment towards redemption or premium was made during that year. Therefore, the assessee could not claim deduction either on accrual or paid basis for that year. Since the OCDs were not in existence during the relevant year, allowing deduction for proportionate redemption premium as interest did not arise. The decision went against the assessee.
Deduction for premium paid on redemption of optionally convertible debentures (OCDs) u/s 37 was disallowed. The Tribunal found no obligation existed for the assessee to redeem the OCDs during the relevant previous year, at the time of finalizing accounts, or even when filing the return. No payment towards redemption or premium was made during that year. Therefore, the assessee could not claim deduction either on accrual or paid basis for that year. Since the OCDs were not in existence during the relevant year, allowing deduction for proportionate redemption premium as interest did not arise. The decision went against the assessee.
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