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...
Penalty for cash receipts under section 271DA requires proof that the assessee received cash in breach of section 269ST. Where the underlying quantum addition was deleted because the alleged transaction involved other parties and not the assessee, no factual basis remained for a consequential penalty; deletion of the penalty was therefore upheld. The presumptions under sections 132(4A) and 292C apply against the person from whose possession or control seized material is found. A WhatsApp screenshot recovered from another entity's premises, without the assessee's name or admission of cash receipt, could not support a presumption against the assessee. The Revenue's appeal was dismissed.
Penalty for cash receipts under section 271DA requires proof that the assessee received cash in breach of section 269ST. Where the underlying quantum addition was deleted because the alleged transaction involved other parties and not the assessee, no factual basis remained for a consequential penalty; deletion of the penalty was therefore upheld. The presumptions under sections 132(4A) and 292C apply against the person from whose possession or control seized material is found. A WhatsApp screenshot recovered from another entity's premises, without the assessee's name or admission of cash receipt, could not support a presumption against the assessee. The Revenue's appeal was dismissed.
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