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...
Taxability of receipts reported in Form 26AS depends on the real nature of the underlying transaction, not solely on the deductor's description of them as commission. Form 26AS reflects deductor-reported TDS information and is not conclusive of the recipient's taxable income. Invoice-wise reconciliation of recharge-voucher purchases and sales may establish that the difference between reported receipts and declared commission represents trade discount. Where the Revenue produces no material disproving that reconciliation or showing the discount to be fictitious, trade discount cannot be assessed as commission income merely because it is reported as such in Form 26AS.
Taxability of receipts reported in Form 26AS depends on the real nature of the underlying transaction, not solely on the deductor's description of them as commission. Form 26AS reflects deductor-reported TDS information and is not conclusive of the recipient's taxable income. Invoice-wise reconciliation of recharge-voucher purchases and sales may establish that the difference between reported receipts and declared commission represents trade discount. Where the Revenue produces no material disproving that reconciliation or showing the discount to be fictitious, trade discount cannot be assessed as commission income merely because it is reported as such in Form 26AS.
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