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...
Validity of reopening of assessment - Validity of multiple notices issued under various sections of the Income Tax Act, particularly targeting the application of Section 50C to a buyer rather than a seller. - Section 50C applies only to sellers and not buyers. It was held that there was a non-application of mind in issuing the order under Section 148A(d), as the authorities failed to recognize this distinction. Furthermore, the court rejected the respondent's explanation of 'human error' and emphasized that issuing authorities must thoroughly apply their minds before sanctioning such notices. The petition was allowed, leading to the quashing of the impugned notices. - HC
Validity of reopening of assessment - Validity of multiple notices issued under various sections of the Income Tax Act, particularly targeting the application of Section 50C to a buyer rather than a seller. - Section 50C applies only to sellers and not buyers. It was held that there was a non-application of mind in issuing the order under Section 148A(d), as the authorities failed to recognize this distinction. Furthermore, the court rejected the respondent's explanation of 'human error' and emphasized that issuing authorities must thoroughly apply their minds before sanctioning such notices. The petition was allowed, leading to the quashing of the impugned notices. - HC
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