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...
Section 56(2)(vii)(b) does not apply to an HUF where documentary evidence shows that immovable property was acquired by its Karta in an individual capacity. The sale agreement, patta and encumbrance certificate supported individual ownership, while an erroneous reference to the HUF PAN in the sale deed did not establish that the HUF funded or owned the property. The addition based on the difference between stamp-duty value and consideration was therefore deleted. Documents considered by the appellate authority were already furnished during reassessment, so their consideration did not constitute admission of additional evidence under Rule 46A.
Section 56(2)(vii)(b) does not apply to an HUF where documentary evidence shows that immovable property was acquired by its Karta in an individual capacity. The sale agreement, patta and encumbrance certificate supported individual ownership, while an erroneous reference to the HUF PAN in the sale deed did not establish that the HUF funded or owned the property. The addition based on the difference between stamp-duty value and consideration was therefore deleted. Documents considered by the appellate authority were already furnished during reassessment, so their consideration did not constitute admission of additional evidence under Rule 46A.
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