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...
Declared export transaction value cannot be substituted with a higher contemporaneous price unless the proper officer records cogent reasons to doubt the truth or accuracy of the declared value and follows the prescribed valuation procedure. The Tribunal noted that the adjudicating authority selected the highest comparable price even though other contemporaneous prices were lower, while no substantive doubt had been raised about the invoice value, sale contract, or Bank Realization Certificate. Applying the principle that transaction value is the rule and rejection is exceptional, it set aside the appellate order and remanded the matter for final assessment on the basis of the transaction value reflected in the Bank Realization Statement.
Declared export transaction value cannot be substituted with a higher contemporaneous price unless the proper officer records cogent reasons to doubt the truth or accuracy of the declared value and follows the prescribed valuation procedure. The Tribunal noted that the adjudicating authority selected the highest comparable price even though other contemporaneous prices were lower, while no substantive doubt had been raised about the invoice value, sale contract, or Bank Realization Certificate. Applying the principle that transaction value is the rule and rejection is exceptional, it set aside the appellate order and remanded the matter for final assessment on the basis of the transaction value reflected in the Bank Realization Statement.
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