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...
Penalty u/s 270A - misreporting of the income - disallowances of 40A(3) on account of interest income in the other sources and has also disallowed the claim of the assessee u/s 32 disputing the period use of the asset of the assessee - The Tribunal emphasized the distinction between assessment and penalty proceedings and noted that the mere addition in assessment did not automatically imply concealment. The ITAT also highlighted the appellant's compliance with depositing the demand within the stipulated time frame, albeit the procedural lapse in filing Form No. 68. Ultimately, the Tribunal ruled in favor of the appellant, directing the deletion of the penalty levied under section 270A of the Act.
Penalty u/s 270A - misreporting of the income - disallowances of 40A(3) on account of interest income in the other sources and has also disallowed the claim of the assessee u/s 32 disputing the period use of the asset of the assessee - The Tribunal emphasized the distinction between assessment and penalty proceedings and noted that the mere addition in assessment did not automatically imply concealment. The ITAT also highlighted the appellant's compliance with depositing the demand within the stipulated time frame, albeit the procedural lapse in filing Form No. 68. Ultimately, the Tribunal ruled in favor of the appellant, directing the deletion of the penalty levied under section 270A of the Act.
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