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...
In the case before Punjab and Haryana High Court, undisclosed investment made to acquire rights in family property was deemed as undisclosed income for the block period. The revenue authorities found a receipt during search indicating the sister-in-law confirmed receiving the amount with no further payment due. The Income Tax Appellate Authority rejected the sister-in-law's certificate as biased towards the appellant. The court upheld the ITAT's decision that the property was handed over after full payment, supported by a demand draft receipt. The appellant's subsequent payments to the sister-in-law were not considered relevant as they were made after the search and without clear indication of settling the remaining amount. The appeal was dismissed, affirming the ITAT's order.
In the case before Punjab and Haryana High Court, undisclosed investment made to acquire rights in family property was deemed as undisclosed income for the block period. The revenue authorities found a receipt during search indicating the sister-in-law confirmed receiving the amount with no further payment due. The Income Tax Appellate Authority rejected the sister-in-law's certificate as biased towards the appellant. The court upheld the ITAT's decision that the property was handed over after full payment, supported by a demand draft receipt. The appellant's subsequent payments to the sister-in-law were not considered relevant as they were made after the search and without clear indication of settling the remaining amount. The appeal was dismissed, affirming the ITAT's order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
