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...
Challenge to clarificatory circulars restricting refund of accumulated unutilised input tax credit under an inverted duty structure: court held the ''relevant date'' for refund is the due date for furnishing the return for the period in which the claim arises, so the petitioner's refund right accrued before the circular and the application fell within the statutory two year limitation. The court applied the settled rule that an executive instruction shortening limitation cannot be given retrospective effect against an accrued cause of action, set aside orders rejecting refund solely on circulars, and remitted the claim for merits consideration without being inhibited by those circulars.
Challenge to clarificatory circulars restricting refund of accumulated unutilised input tax credit under an inverted duty structure: court held the ''relevant date'' for refund is the due date for furnishing the return for the period in which the claim arises, so the petitioner's refund right accrued before the circular and the application fell within the statutory two year limitation. The court applied the settled rule that an executive instruction shortening limitation cannot be given retrospective effect against an accrued cause of action, set aside orders rejecting refund solely on circulars, and remitted the claim for merits consideration without being inhibited by those circulars.
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