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...
Deduction u/s 10 B - The AO argued that the units were formed by the transfer of previously used machinery, disqualifying them from certain deductions. - The tribunal, however, noted that the CIT(A) had provided a detailed examination of the history and operations of these units, establishing that they were indeed new undertakings that satisfied the statutory requirements for the deduction under Section 10B. - One of the significant issues was whether the sales proceeds of exported goods were received in India within the prescribed time frame to qualify for exemptions under Section 10B. The tribunal found that despite minor discrepancies in documentation, the majority of proceeds were indeed received within the permissible period, thus supporting the assessee's claim for deduction.
Deduction u/s 10 B - The AO argued that the units were formed by the transfer of previously used machinery, disqualifying them from certain deductions. - The tribunal, however, noted that the CIT(A) had provided a detailed examination of the history and operations of these units, establishing that they were indeed new undertakings that satisfied the statutory requirements for the deduction under Section 10B. - One of the significant issues was whether the sales proceeds of exported goods were received in India within the prescribed time frame to qualify for exemptions under Section 10B. The tribunal found that despite minor discrepancies in documentation, the majority of proceeds were indeed received within the permissible period, thus supporting the assessee's claim for deduction.
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