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...
The legal judgment addressed various issues. Firstly, regarding addition u/s 68 for unsecured loans, the AO questioned the creditworthiness of the loans. The CIT(A) deleted the additions as the appellant provided detailed evidence of the loans' identity, genuineness, and creditworthiness. The AO's additions were based on surmises and incorrect facts, with issued summons to the wrong address. The appeal on this ground was dismissed. Secondly, ad-hoc disallowance of expenses was made despite the appellant submitting evidence. The CIT(A) rightly deleted the addition, and the appeal on this ground was dismissed. Lastly, the deduction u/s 80IA was initially denied due to the appellant not being an Indian company. However, based on precedents like ABG Heavy Industries Ltd. and BMW Industries Ltd., the deduction was allowed by the CIT(A).
The legal judgment addressed various issues. Firstly, regarding addition u/s 68 for unsecured loans, the AO questioned the creditworthiness of the loans. The CIT(A) deleted the additions as the appellant provided detailed evidence of the loans' identity, genuineness, and creditworthiness. The AO's additions were based on surmises and incorrect facts, with issued summons to the wrong address. The appeal on this ground was dismissed. Secondly, ad-hoc disallowance of expenses was made despite the appellant submitting evidence. The CIT(A) rightly deleted the addition, and the appeal on this ground was dismissed. Lastly, the deduction u/s 80IA was initially denied due to the appellant not being an Indian company. However, based on precedents like ABG Heavy Industries Ltd. and BMW Industries Ltd., the deduction was allowed by the CIT(A).
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