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...
Income or loss arising from assets transferred without consideration to a spouse was held to fall within section 64(1)(iv) where the Department failed to show consideration or an agreement to live apart. The Tribunal applied the principle that clubbing extends to income or loss indirectly arising from the transferred asset, so the spouse's derivative trading loss could be considered in the assessee's hands if a nexus with the gifted funds existed. The view that the loss was the spouse's independent trading loss was rejected. The matter was remitted only for verification of the quantum of loss attributable to the gifted funds.
Income or loss arising from assets transferred without consideration to a spouse was held to fall within section 64(1)(iv) where the Department failed to show consideration or an agreement to live apart. The Tribunal applied the principle that clubbing extends to income or loss indirectly arising from the transferred asset, so the spouse's derivative trading loss could be considered in the assessee's hands if a nexus with the gifted funds existed. The view that the loss was the spouse's independent trading loss was rejected. The matter was remitted only for verification of the quantum of loss attributable to the gifted funds.
Note: It is a system-generated summary and is for quick reference only.
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