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 for inadequate inquiry under section 263 requires a showing that the Assessing Officer's inquiry was inadequate; a different revisional view alone does not satisfy Explanation 2(a). Reassessment initiated on specific information about alleged penny-stock share transactions involved queries and consideration of contract notes, brokerage and ledger records, and bank statements. Acceptance of short-term capital gains as genuine was therefore a plausible view. The reassessment order was not erroneous or prejudicial to Revenue interests, the revision was annulled, and the proposed-addition challenge became infructuous.
Revision for inadequate inquiry under section 263 requires a showing that the Assessing Officer's inquiry was inadequate; a different revisional view alone does not satisfy Explanation 2(a). Reassessment initiated on specific information about alleged penny-stock share transactions involved queries and consideration of contract notes, brokerage and ledger records, and bank statements. Acceptance of short-term capital gains as genuine was therefore a plausible view. The reassessment order was not erroneous or prejudicial to Revenue interests, the revision was annulled, and the proposed-addition challenge became infructuous.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
