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...
Exemption u/s 11 - Charitable activity u/s 2(15) - Assessee has derived income by way of contributions from the head office, membership fee, income from publication of Indian Foundry journal , other grants and donations etc. besides receiving interest on fixed deposits. - Gross receipt was more than Rs. 10 lakhs - The tribunal set aside the order of the CIT(A) and directed the AO to allow exemptions u/s 11 for the year under consideration, recognizing the assessee's activities as being for general public utility without commercial intent. It allowed the appeal in favor of the assessee on all counts, including the issues of delay in appeal, depreciation claims, treatment of sale proceeds from the fixed asset, and the calculation method for deduction u/s 11(1)(a).
Exemption u/s 11 - Charitable activity u/s 2(15) - Assessee has derived income by way of contributions from the head office, membership fee, income from publication of Indian Foundry journal , other grants and donations etc. besides receiving interest on fixed deposits. - Gross receipt was more than Rs. 10 lakhs - The tribunal set aside the order of the CIT(A) and directed the AO to allow exemptions u/s 11 for the year under consideration, recognizing the assessee's activities as being for general public utility without commercial intent. It allowed the appeal in favor of the assessee on all counts, including the issues of delay in appeal, depreciation claims, treatment of sale proceeds from the fixed asset, and the calculation method for deduction u/s 11(1)(a).
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