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...
HC dismisses revision. Differential amount received by petitioner due to foreign exchange fluctuation constitutes "turnover" under KGST Act. Amount represents consideration for sale of goods despite exchange rate benefit. Statutory definition of turnover encompasses such foreign currency amounts when converted to Indian rupees. Permissible deductions already granted, differential amount represents untaxed turnover. Exchange rate fluctuations affecting foreign currency sale price do not alter nature of amount as turnover.
HC dismisses revision. Differential amount received by petitioner due to foreign exchange fluctuation constitutes "turnover" under KGST Act. Amount represents consideration for sale of goods despite exchange rate benefit. Statutory definition of turnover encompasses such foreign currency amounts when converted to Indian rupees. Permissible deductions already granted, differential amount represents untaxed turnover. Exchange rate fluctuations affecting foreign currency sale price do not alter nature of amount as turnover.
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