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...
Properties acquired before the scheduled offence could still be attached as value of proceeds of crime where tainted funds were used to repay loans or the direct proceeds were unavailable; disclosure of the assets in income-tax records did not alter the alleged tainted character of the funds. The Tribunal also held that statements recorded under Section 50 of PMLA are admissible in proceedings under the Act and may be relied on even if later disputed, where supporting material exists. However, provisional attachment of a security deposit already in Judicial Magistrate custody failed because reasons to believe under Section 5(1) must include a real apprehension of concealment, transfer, or frustration of confiscation; that attachment was set aside.
Properties acquired before the scheduled offence could still be attached as value of proceeds of crime where tainted funds were used to repay loans or the direct proceeds were unavailable; disclosure of the assets in income-tax records did not alter the alleged tainted character of the funds. The Tribunal also held that statements recorded under Section 50 of PMLA are admissible in proceedings under the Act and may be relied on even if later disputed, where supporting material exists. However, provisional attachment of a security deposit already in Judicial Magistrate custody failed because reasons to believe under Section 5(1) must include a real apprehension of concealment, transfer, or frustration of confiscation; that attachment was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
