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...
Reassessment jurisdiction was upheld because the earlier scrutiny proceedings had already been dropped pursuant to CBDT directions, and the assessee's participation without objection attracted deemed service of notice under section 292BB. The addition for unexplained money was deleted, as earlier cash withdrawals shortly before the redeposit in the same bank account were treated as an available source and the contrary inference was found conjectural. The claim for indexed cost of improvement on sale of house property was remanded for fresh verification, with direction to allow the construction cost if proved. Penalties were adjusted consequentially: the penalty linked to the deleted addition was vacated, the penalty linked to the sustained addition was upheld, and the penalty on the remanded issue was set aside subject to fresh proceedings.
Reassessment jurisdiction was upheld because the earlier scrutiny proceedings had already been dropped pursuant to CBDT directions, and the assessee's participation without objection attracted deemed service of notice under section 292BB. The addition for unexplained money was deleted, as earlier cash withdrawals shortly before the redeposit in the same bank account were treated as an available source and the contrary inference was found conjectural. The claim for indexed cost of improvement on sale of house property was remanded for fresh verification, with direction to allow the construction cost if proved. Penalties were adjusted consequentially: the penalty linked to the deleted addition was vacated, the penalty linked to the sustained addition was upheld, and the penalty on the remanded issue was set aside subject to fresh proceedings.
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