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...
Reopening based on a broker's seized inquiry register failed where the entry did not show a live and direct nexus with the assessee's transaction. The entry was older than the purchase, referred to a larger land area, named another person, and was unsupported by any inquiry linking the assessee to undisclosed consideration. The searched person's statement also indicated that such registers recorded land available for sale, not necessarily actual on-money dealings. On these facts, the material could not justify reopening a later assessment year, and the notice under Section 148 was quashed as unsustainable.
Reopening based on a broker's seized inquiry register failed where the entry did not show a live and direct nexus with the assessee's transaction. The entry was older than the purchase, referred to a larger land area, named another person, and was unsupported by any inquiry linking the assessee to undisclosed consideration. The searched person's statement also indicated that such registers recorded land available for sale, not necessarily actual on-money dealings. On these facts, the material could not justify reopening a later assessment year, and the notice under Section 148 was quashed as unsustainable.
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