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...
The SC allowed the appeal and set aside the High Court's observation that the CESTAT had upheld an original finding that the appellant (CB) had advised the importer to mis-declare goods; the SC held the CESTAT determined the matter to be one of mis-classification rather than mis-declaration, and the adverse finding based on retracted statements was unsustainable. Consequently, the impugned adverse observation in paragraph 6 of the High Court order was declared incorrect and the adjudicatory conclusion that the appellant induced mis-declaration was quashed. The appeal was disposed of in favor of the appellant, with the contested finding removed and no further penalty sustained.
The SC allowed the appeal and set aside the High Court's observation that the CESTAT had upheld an original finding that the appellant (CB) had advised the importer to mis-declare goods; the SC held the CESTAT determined the matter to be one of mis-classification rather than mis-declaration, and the adverse finding based on retracted statements was unsustainable. Consequently, the impugned adverse observation in paragraph 6 of the High Court order was declared incorrect and the adjudicatory conclusion that the appellant induced mis-declaration was quashed. The appeal was disposed of in favor of the appellant, with the contested finding removed and no further penalty sustained.
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