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...
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A HC held that the retrospective insertion of Section 16(5), with a non obstante clause overriding Section 16(4), permitted a registered person to avail input tax credit for the specified financial years if the Section 39 return was filed up to 30.11.2021. Because the return here had been filed on 28.11.2020 for the January to March 2020 period, the claim fell within that extended statutory window and could not be rejected as time-barred under Section 16(4). The impugned order and summary order were set aside, and the matter was remitted for fresh adjudication under Section 16(5), leaving other contentions open.
A HC held that the retrospective insertion of Section 16(5), with a non obstante clause overriding Section 16(4), permitted a registered person to avail input tax credit for the specified financial years if the Section 39 return was filed up to 30.11.2021. Because the return here had been filed on 28.11.2020 for the January to March 2020 period, the claim fell within that extended statutory window and could not be rejected as time-barred under Section 16(4). The impugned order and summary order were set aside, and the matter was remitted for fresh adjudication under Section 16(5), leaving other contentions open.
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