Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
The HC held that reversal of input tax credit during an ongoing inspection, in the presence of officers, supported the finding that the declaration under Section 74(5) was not voluntary; the subsequent payment of interest and penalty and request for closure were treated as consequential. It noted that a bare allegation of coercion needs supporting circumstances, but on these facts the inspection context made the involuntariness credible, so that finding was sustained. As the closure under Sections 74(5) and 74(6) was invalid, the proceedings were restored to the pre-closure stage, with liberty to proceed under Sections 73 or 74 and exclusion of the intervening period from limitation.
The HC held that reversal of input tax credit during an ongoing inspection, in the presence of officers, supported the finding that the declaration under Section 74(5) was not voluntary; the subsequent payment of interest and penalty and request for closure were treated as consequential. It noted that a bare allegation of coercion needs supporting circumstances, but on these facts the inspection context made the involuntariness credible, so that finding was sustained. As the closure under Sections 74(5) and 74(6) was invalid, the proceedings were restored to the pre-closure stage, with liberty to proceed under Sections 73 or 74 and exclusion of the intervening period from limitation.
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