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...
Revision under section 263 of issues unrelated to a reassessment is subject to limitation from the original assessment order, not the reassessment order. Where reassessment was confined to alleged bogus purchases, expenditure on gifts to doctors, disallowance under section 14A, and deduction for CSR expenditure under section 80G remained matters examined in the original scrutiny assessment. Audit objections did not permit expansion of reassessment or circumvention of the statutory time limit through revision. The article notes that Supreme Court decisions in Alagendran Finance Ltd. and Industrial Development Bank of India Ltd. prevail over a contrary Tribunal view. Accordingly, the revisionary order was time-barred, quashed, and the assessee's appeal allowed.
Revision under section 263 of issues unrelated to a reassessment is subject to limitation from the original assessment order, not the reassessment order. Where reassessment was confined to alleged bogus purchases, expenditure on gifts to doctors, disallowance under section 14A, and deduction for CSR expenditure under section 80G remained matters examined in the original scrutiny assessment. Audit objections did not permit expansion of reassessment or circumvention of the statutory time limit through revision. The article notes that Supreme Court decisions in Alagendran Finance Ltd. and Industrial Development Bank of India Ltd. prevail over a contrary Tribunal view. Accordingly, the revisionary order was time-barred, quashed, and the assessee's appeal allowed.
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