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...
Documentary evidence of allotment, continuity of shareholding and transfer deeds was treated as sufficient to prove that the shares sold were bonus shares held by the assessee. On that factual basis, the sale proceeds were not regarded as unexplained cash credit and were not taxed as income from other sources, despite discrepancies in the memorandum of understanding and consideration details. Because the quantum addition fell, the consequential penalty for furnishing inaccurate particulars also failed and was deleted.
Documentary evidence of allotment, continuity of shareholding and transfer deeds was treated as sufficient to prove that the shares sold were bonus shares held by the assessee. On that factual basis, the sale proceeds were not regarded as unexplained cash credit and were not taxed as income from other sources, despite discrepancies in the memorandum of understanding and consideration details. Because the quantum addition fell, the consequential penalty for furnishing inaccurate particulars also failed and was deleted.
Note: It is a system-generated summary and is for quick reference only.
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