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...
Interest and other realizations of a co-operative bank under liquidation were held not taxable because section 21(2) of the DICGCI Act required all funds realized to be applied first toward repayment of DICGCI liabilities, leaving the bank with no dominion except for permitted liquidation expenses. The Tribunal applied the doctrine of diversion of income by overriding title and held that the amounts were diverted at source and never accrued as income to the assessee. As income did not accrue, the character of the receipt and the related set-off issue did not survive. The CIT(A)'s deletion of the addition was upheld and the Revenue's appeal failed.
Interest and other realizations of a co-operative bank under liquidation were held not taxable because section 21(2) of the DICGCI Act required all funds realized to be applied first toward repayment of DICGCI liabilities, leaving the bank with no dominion except for permitted liquidation expenses. The Tribunal applied the doctrine of diversion of income by overriding title and held that the amounts were diverted at source and never accrued as income to the assessee. As income did not accrue, the character of the receipt and the related set-off issue did not survive. The CIT(A)'s deletion of the addition was upheld and the Revenue's appeal failed.
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