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...
Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite the assessing officer invoking section 68 of the Income Tax Act, the Commissioner of Income Tax (Appeals) upheld the addition under section 41(1), citing long-standing outstanding credits. However, the Appellate Tribunal ruled in favor of the appellant, finding insufficient evidence of cessation of liabilities. Specific cases were examined, and additions were deleted due to lack of evidence or the appellant's satisfactory explanations.
Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite the assessing officer invoking section 68 of the Income Tax Act, the Commissioner of Income Tax (Appeals) upheld the addition under section 41(1), citing long-standing outstanding credits. However, the Appellate Tribunal ruled in favor of the appellant, finding insufficient evidence of cessation of liabilities. Specific cases were examined, and additions were deleted due to lack of evidence or the appellant's satisfactory explanations.
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