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 determinative test under section 2(1A) was whether the receipt arose from agricultural operations on cultivated land, not whether the rubber trees were originally planted by the assessee. On the factual finding that regular agricultural operations were carried on in the plantation, the sale proceeds from old and unproductive trees removed during replantation retained their agricultural character. Felling such trees was treated as an integral incident of plantation agriculture and not as a separate commercial timber transaction, even though the assessee also carried on timber business. The Tribunal held the receipt exempt under section 10(1), and left the alternative capital gains plea open as unnecessary.
The determinative test under section 2(1A) was whether the receipt arose from agricultural operations on cultivated land, not whether the rubber trees were originally planted by the assessee. On the factual finding that regular agricultural operations were carried on in the plantation, the sale proceeds from old and unproductive trees removed during replantation retained their agricultural character. Felling such trees was treated as an integral incident of plantation agriculture and not as a separate commercial timber transaction, even though the assessee also carried on timber business. The Tribunal held the receipt exempt under section 10(1), and left the alternative capital gains plea open as unnecessary.
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