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...
Professional fees paid for services linked to imports from OFAC-restricted Iranian-origin goods were held allowable under section 37(1) because the assessee proved the recipient's identity, genuineness of payment, and banking trail, while the payee confirmed the transactions and disclosed them in its tax records. The Tribunal accepted that the services addressed abnormal remittance delays caused by OFAC-related banking scrutiny, and that comparative material showed improved payment cycles, turnover, and profits after the services were used. Revenue's disallowance failed because it relied on suspicion without independent enquiry or evidence that the services were nonexistent or that payments were returned.
Professional fees paid for services linked to imports from OFAC-restricted Iranian-origin goods were held allowable under section 37(1) because the assessee proved the recipient's identity, genuineness of payment, and banking trail, while the payee confirmed the transactions and disclosed them in its tax records. The Tribunal accepted that the services addressed abnormal remittance delays caused by OFAC-related banking scrutiny, and that comparative material showed improved payment cycles, turnover, and profits after the services were used. Revenue's disallowance failed because it relied on suspicion without independent enquiry or evidence that the services were nonexistent or that payments were returned.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
