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...
For reassessment beyond three years, the Tribunal held that the recorded reasons must expressly satisfy the jurisdictional conditions in the proviso to section 148 and section 149(1)(b); vague references to an asset or books were insufficient, so the notices and consequential reassessments were void. It also held that material produced by a third person in response to a post-search summons under section 131 could not be treated as search material for Explanation 2 to section 148, and the Department had to follow section 148A if it wanted to rely on it. On the merits, blanket addition of two zeroes to all cash-book entries was rejected, though 16% profit estimation on supported unaccounted receipts was upheld; additions for land-development cash payments were sustained where corroborated, but an unsigned receipt issue was remitted for verification.
For reassessment beyond three years, the Tribunal held that the recorded reasons must expressly satisfy the jurisdictional conditions in the proviso to section 148 and section 149(1)(b); vague references to an asset or books were insufficient, so the notices and consequential reassessments were void. It also held that material produced by a third person in response to a post-search summons under section 131 could not be treated as search material for Explanation 2 to section 148, and the Department had to follow section 148A if it wanted to rely on it. On the merits, blanket addition of two zeroes to all cash-book entries was rejected, though 16% profit estimation on supported unaccounted receipts was upheld; additions for land-development cash payments were sustained where corroborated, but an unsigned receipt issue was remitted for verification.
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