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...
Under the Black Money Act, the note addresses whether an Additional Commissioner who acts as the statutory approving authority may also impose a penalty for undisclosed foreign assets. It states that where approval by the Joint Commissioner or Joint Director is required for penalties above the prescribed threshold, the approving authority cannot exercise the separate power to impose the penalty. It also explains that a penalty cannot survive where the underlying assessment concerns the wrong assessment year: foreign-investment information, statement and tax payment relating to one year cannot support assessment and penalty for another year. The note further recognises that jurisdictional defects in the primary assessment may be challenged in consequential penalty proceedings.
Under the Black Money Act, the note addresses whether an Additional Commissioner who acts as the statutory approving authority may also impose a penalty for undisclosed foreign assets. It states that where approval by the Joint Commissioner or Joint Director is required for penalties above the prescribed threshold, the approving authority cannot exercise the separate power to impose the penalty. It also explains that a penalty cannot survive where the underlying assessment concerns the wrong assessment year: foreign-investment information, statement and tax payment relating to one year cannot support assessment and penalty for another year. The note further recognises that jurisdictional defects in the primary assessment may be challenged in consequential penalty proceedings.
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