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...
Reopening of assessment - reason to believe - The Court evaluates the concept of "true and full disclosure" as mandated by Section 147, considering relevant legal precedents. It emphasizes that the duty lies on the assessee to disclose fully and truly all material facts necessary for assessment. The Court finds that the petitioner's submission regarding loan transactions does not negate the necessity for disclosure of material facts, particularly regarding cash transactions. Thus, the Court upholds the respondent's contention regarding lack of full disclosure.
Reopening of assessment - reason to believe - The Court evaluates the concept of "true and full disclosure" as mandated by Section 147, considering relevant legal precedents. It emphasizes that the duty lies on the assessee to disclose fully and truly all material facts necessary for assessment. The Court finds that the petitioner's submission regarding loan transactions does not negate the necessity for disclosure of material facts, particularly regarding cash transactions. Thus, the Court upholds the respondent's contention regarding lack of full disclosure.
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