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...
TDS credit cannot be denied where the assessee establishes that tax was deducted from its income, merely because the deductor failed to deposit it with the Central Government. A claim admitted in the deductor's insolvency process for unpaid receivables does not preclude such credit. The Assessing Officer must verify the claim under the prescribed procedure and grant credit and consequential relief if established. An intimation under Section 143(1), as a deemed notice of demand, must be served on the assessee before the demand can be enforced. In the absence of proof of service, recovery and refund adjustment under Section 245 cannot stand; the demand is quashed and adjusted amounts must be refunded with applicable interest.
TDS credit cannot be denied where the assessee establishes that tax was deducted from its income, merely because the deductor failed to deposit it with the Central Government. A claim admitted in the deductor's insolvency process for unpaid receivables does not preclude such credit. The Assessing Officer must verify the claim under the prescribed procedure and grant credit and consequential relief if established. An intimation under Section 143(1), as a deemed notice of demand, must be served on the assessee before the demand can be enforced. In the absence of proof of service, recovery and refund adjustment under Section 245 cannot stand; the demand is quashed and adjusted amounts must be refunded with applicable interest.
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