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...
Faceless reassessment under section 147 read with section 144B was treated as a best judgment reassessment where the assessee did not comply with section 142(1) notices and did not properly respond to section 144 show-cause notices. On that footing, the proviso to section 251(1)(a), effective from 01.10.2024, permitted the appellate authority to set aside the assessment and remand it for fresh adjudication. The remand was upheld because the assessing officer had not verified the material and additional evidence had been filed in appeal, making de novo assessment with opportunity to the assessee justified. The Revenue's objection was rejected and the reassessment was sent back for fresh disposal.
Faceless reassessment under section 147 read with section 144B was treated as a best judgment reassessment where the assessee did not comply with section 142(1) notices and did not properly respond to section 144 show-cause notices. On that footing, the proviso to section 251(1)(a), effective from 01.10.2024, permitted the appellate authority to set aside the assessment and remand it for fresh adjudication. The remand was upheld because the assessing officer had not verified the material and additional evidence had been filed in appeal, making de novo assessment with opportunity to the assessee justified. The Revenue's objection was rejected and the reassessment was sent back for fresh disposal.
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