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...
Revision u/s 263 - The inquiry made by the AO pertained to the issue as regards the valuation of opening and closing WIP of the assessee’s project and determination of the cost of sale of the same. - We are unable to comprehend as to on what basis it is canvassed by the ld. A.R that the A.O while framing the assessment, had queried, on the issue as to whether or not the ALV of the unsold flats was to be assessed under the head ‘house property’. - CIT had rightly invoked his jurisdiction under Sec. 263 of the Act and ‘set aside’ the assessment order with a direction to the A.O to pass a fresh order - AT
Revision u/s 263 - The inquiry made by the AO pertained to the issue as regards the valuation of opening and closing WIP of the assessee’s project and determination of the cost of sale of the same. - We are unable to comprehend as to on what basis it is canvassed by the ld. A.R that the A.O while framing the assessment, had queried, on the issue as to whether or not the ALV of the unsold flats was to be assessed under the head ‘house property’. - CIT had rightly invoked his jurisdiction under Sec. 263 of the Act and ‘set aside’ the assessment order with a direction to the A.O to pass a fresh order - AT
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