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...
SC affirmed MMTC's proprietary rights over 45 kg of confiscated gold, rejecting Indian Bank's claim of first charge. The court determined that since the gold was originally loaned by MMTC to an NRI who breached export conditions and subsequently hypothecated it to the bank, the original ownership vested with MMTC. The confiscation by Customs Department on 20.06.2000 and MMTC's subsequent payment of customs duty, penalty, and interest substantiated its entitlement to recover the gold. The bank's claim was consequently dismissed, with the court restoring the gold to MMTC as the rightful owner.
SC affirmed MMTC's proprietary rights over 45 kg of confiscated gold, rejecting Indian Bank's claim of first charge. The court determined that since the gold was originally loaned by MMTC to an NRI who breached export conditions and subsequently hypothecated it to the bank, the original ownership vested with MMTC. The confiscation by Customs Department on 20.06.2000 and MMTC's subsequent payment of customs duty, penalty, and interest substantiated its entitlement to recover the gold. The bank's claim was consequently dismissed, with the court restoring the gold to MMTC as the rightful owner.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
