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...
Addition u/s 69 - addition based on the estimation of the cost of acquisition of the property - The ITAT observed that the AO had relied heavily on statements obtained during the survey proceedings, particularly regarding the payment of on-money for the property purchase. However, the Tribunal emphasized that such statements, which were later retracted, could not constitute valid evidence for making additions to the appellant's income. Furthermore, the Tribunal noted that the AO had not provided any supporting material apart from these statements to justify the addition. Considering these factors, the Tribunal held that the AO's decision to estimate the property acquisition cost at a higher value lacked sufficient basis and was not supported by credible evidence.
Addition u/s 69 - addition based on the estimation of the cost of acquisition of the property - The ITAT observed that the AO had relied heavily on statements obtained during the survey proceedings, particularly regarding the payment of on-money for the property purchase. However, the Tribunal emphasized that such statements, which were later retracted, could not constitute valid evidence for making additions to the appellant's income. Furthermore, the Tribunal noted that the AO had not provided any supporting material apart from these statements to justify the addition. Considering these factors, the Tribunal held that the AO's decision to estimate the property acquisition cost at a higher value lacked sufficient basis and was not supported by credible evidence.
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