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...
Claim of second sale exemption and the imposition of penalty u/s 12(5)(iii). The High Court held that when the burden was on the dealer to prove the factum of second sale, the respondent had failed to discharge this burden by proving the actual first sale, which was a prerequisite for claiming the exemption. The Tribunal had erroneously shifted the burden from the dealer to the revenue. Relying on previous decisions, the High Court reiterated that the burden of proving an earlier taxable sale was on the assessee. Regarding the penalty u/s 12(5)(iii), the Court held that since the respondent had wilfully suppressed taxable turnover and failed to file returns, the Assessing Officer was justified in imposing the penalty, and the Tribunal's decision to delete the penalty was untenable. Consequently, the High Court set aside the Tribunal's order and restored the assessment order confirmed by the appellate authority.
Claim of second sale exemption and the imposition of penalty u/s 12(5)(iii). The High Court held that when the burden was on the dealer to prove the factum of second sale, the respondent had failed to discharge this burden by proving the actual first sale, which was a prerequisite for claiming the exemption. The Tribunal had erroneously shifted the burden from the dealer to the revenue. Relying on previous decisions, the High Court reiterated that the burden of proving an earlier taxable sale was on the assessee. Regarding the penalty u/s 12(5)(iii), the Court held that since the respondent had wilfully suppressed taxable turnover and failed to file returns, the Assessing Officer was justified in imposing the penalty, and the Tribunal's decision to delete the penalty was untenable. Consequently, the High Court set aside the Tribunal's order and restored the assessment order confirmed by the appellate authority.
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