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...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
Validity of reopening of assessment - Petitioner received another notice u/s 148A(b) once again, alleging escapement of income - The High Court quashed and set aside the impugned order dated 24th March 2023, along with the order passed under Section 148 of the Act. The High Noted that the second notice lacked clarity and failed to explain how there was any escapement of income. Additionally, the assessment order based on this notice was passed without proper consideration of crucial information. The assessment order was flawed as it did not refer to certain crucial information and indicated a lack of application of mind by the Assessing Officer and the Principal Chief Commissioner of Income Tax.
Validity of reopening of assessment - Petitioner received another notice u/s 148A(b) once again, alleging escapement of income - The High Court quashed and set aside the impugned order dated 24th March 2023, along with the order passed under Section 148 of the Act. The High Noted that the second notice lacked clarity and failed to explain how there was any escapement of income. Additionally, the assessment order based on this notice was passed without proper consideration of crucial information. The assessment order was flawed as it did not refer to certain crucial information and indicated a lack of application of mind by the Assessing Officer and the Principal Chief Commissioner of Income Tax.
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