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...
Unaccounted investment u/s. 69C - The ITAT observed that the confusion arose because the assessee had treated the total booking amount (creditors) as closing work in progress, which the AO considered as unexplained investment. - The ITAT upheld the CIT(A)'s decision in deleting the addition, stating that the amount had already been offered for tax as gross profits.
Unaccounted investment u/s. 69C - The ITAT observed that the confusion arose because the assessee had treated the total booking amount (creditors) as closing work in progress, which the AO considered as unexplained investment. - The ITAT upheld the CIT(A)'s decision in deleting the addition, stating that the amount had already been offered for tax as gross profits.
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