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...
Capital gain computation - Fair Market Value as on 01.04.1981 u/s 55(2)(b)(i) - the fair market value of the impugned immovable property should be adopted at Rs. 1,20,000/- as on 01.04.1981 instead of Rs. 50,000/- in aggregate, which is backed by a corroborative document, as valued by the government approved valuer in absence of any valuation by DVO which should have been proposed by the AO, and also the value of watchman room shall be added at Rs. 45,000/- as declared by the assessee in registered sale deed.- AT
Capital gain computation - Fair Market Value as on 01.04.1981 u/s 55(2)(b)(i) - the fair market value of the impugned immovable property should be adopted at Rs. 1,20,000/- as on 01.04.1981 instead of Rs. 50,000/- in aggregate, which is backed by a corroborative document, as valued by the government approved valuer in absence of any valuation by DVO which should have been proposed by the AO, and also the value of watchman room shall be added at Rs. 45,000/- as declared by the assessee in registered sale deed.- AT
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