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 HC accepted the Petitioner's undertaking that the cumulative funds in the attached bank accounts (approximately Rs. 10,00,000) will not be withdrawn or otherwise dealt with and treated counsel's statement as a binding undertaking to the Court; the undertaking must be strictly complied with. The Court observed that continued attachment would cause disproportionate prejudice by preventing receipt and use of remittances for operational needs (e.g., employee payments) without benefit to the Respondent. Having recorded and accepted the undertaking, the HC disposed of the petition on that basis, subject to enforcement of the undertaking and any future application for variation or recall.
The HC accepted the Petitioner's undertaking that the cumulative funds in the attached bank accounts (approximately Rs. 10,00,000) will not be withdrawn or otherwise dealt with and treated counsel's statement as a binding undertaking to the Court; the undertaking must be strictly complied with. The Court observed that continued attachment would cause disproportionate prejudice by preventing receipt and use of remittances for operational needs (e.g., employee payments) without benefit to the Respondent. Having recorded and accepted the undertaking, the HC disposed of the petition on that basis, subject to enforcement of the undertaking and any future application for variation or recall.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
