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...
Paragraph (e) of the 1st Schedule to the Finance Act, 2018 permits a domestic company to be taxed at 25% for A.Y. 2018-19 if its total turnover or gross receipts for F.Y. 2015-16 do not exceed the prescribed threshold. The Tribunal noted that the return form for A.Y. 2018-19 did not provide a separate field for that earlier-year turnover, so the claim could not be denied merely for want of disclosure in the form. As the assessee relied on audited financial statements indicating turnover below the limit, the matter required verification of those financials and other relevant material by the Assessing Officer. The impugned order was set aside and the issue remanded for such verification.
Paragraph (e) of the 1st Schedule to the Finance Act, 2018 permits a domestic company to be taxed at 25% for A.Y. 2018-19 if its total turnover or gross receipts for F.Y. 2015-16 do not exceed the prescribed threshold. The Tribunal noted that the return form for A.Y. 2018-19 did not provide a separate field for that earlier-year turnover, so the claim could not be denied merely for want of disclosure in the form. As the assessee relied on audited financial statements indicating turnover below the limit, the matter required verification of those financials and other relevant material by the Assessing Officer. The impugned order was set aside and the issue remanded for such verification.
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