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...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
Adverse material used to disallow exempt long-term capital gain on off-market share transactions had to be confronted to the assessee before assessment. The ITAT found the appellate relief unsustainable because the finding that notices and third-party responses had not been properly confronted was accepted without verifying the assessment record, and the precedents relied on concerned stock-exchange transactions rather than preferential allotment purchases. It also noted that the SEBI material referred to by the lower authorities was not placed on record. The additions were set aside and the matter was restored to the Assessing Officer for de novo adjudication after supplying all relied-upon material, with all contentions kept open.
Adverse material used to disallow exempt long-term capital gain on off-market share transactions had to be confronted to the assessee before assessment. The ITAT found the appellate relief unsustainable because the finding that notices and third-party responses had not been properly confronted was accepted without verifying the assessment record, and the precedents relied on concerned stock-exchange transactions rather than preferential allotment purchases. It also noted that the SEBI material referred to by the lower authorities was not placed on record. The additions were set aside and the matter was restored to the Assessing Officer for de novo adjudication after supplying all relied-upon material, with all contentions kept open.
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