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...
A mortgage executed years after the underlying debenture arrangement was held to be a preferential transaction because it created a perfected security interest only within the look-back period and improved the creditor's position in insolvency. The Tribunal rejected the argument that the deed merely perfected an earlier contractual promise, noting that no enforceable mortgage had been created for nearly seven years, prior charges had already been created in favour of other lenders, and the later deed was a fresh arrangement creating only a second charge without fresh finance. The ordinary-course-of-business exception was also rejected, and the discharge of the security interest was affirmed.
A mortgage executed years after the underlying debenture arrangement was held to be a preferential transaction because it created a perfected security interest only within the look-back period and improved the creditor's position in insolvency. The Tribunal rejected the argument that the deed merely perfected an earlier contractual promise, noting that no enforceable mortgage had been created for nearly seven years, prior charges had already been created in favour of other lenders, and the later deed was a fresh arrangement creating only a second charge without fresh finance. The ordinary-course-of-business exception was also rejected, and the discharge of the security interest was affirmed.
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