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...
Prior to the amendment of section 3(12) of the Customs Tariff Act effective from 16.08.2024, the Customs Act provisions on interest, offences and penalties did not apply to IGST leviable under section 3(7). Applying the Bombay HC rulings in A.R. Sulphonates and Mahindra & Mahindra, the Tribunal held that interest, redemption fine and penalty for the period governed by the unamended provision were without authority of law. The impugned order was therefore set aside to that extent. The confirmation and recovery of IGST itself was not disturbed and was upheld.
Prior to the amendment of section 3(12) of the Customs Tariff Act effective from 16.08.2024, the Customs Act provisions on interest, offences and penalties did not apply to IGST leviable under section 3(7). Applying the Bombay HC rulings in A.R. Sulphonates and Mahindra & Mahindra, the Tribunal held that interest, redemption fine and penalty for the period governed by the unamended provision were without authority of law. The impugned order was therefore set aside to that extent. The confirmation and recovery of IGST itself was not disturbed and was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
