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...
In the ITAT Delhi case, the Appellate Tribunal ruled in favor of the assessee on two key issues. Firstly, regarding unexplained cash deposits u/s 68, the AO's failure to consider cash balances and debtor realizations led to the addition being deemed unsustainable. The Tribunal directed the AO to delete the addition. Secondly, on the disallowance of interest paid u/s 36(1)(iii), the Tribunal accepted the assessee's argument that interest on bank loans is a business expenditure, given the assessee's history of real estate and finance business activities. The disallowance made by the AO was deleted based on the Tribunal's decision for the assessment year 2009-10, affirming the assessee's real estate business activities.
In the ITAT Delhi case, the Appellate Tribunal ruled in favor of the assessee on two key issues. Firstly, regarding unexplained cash deposits u/s 68, the AO's failure to consider cash balances and debtor realizations led to the addition being deemed unsustainable. The Tribunal directed the AO to delete the addition. Secondly, on the disallowance of interest paid u/s 36(1)(iii), the Tribunal accepted the assessee's argument that interest on bank loans is a business expenditure, given the assessee's history of real estate and finance business activities. The disallowance made by the AO was deleted based on the Tribunal's decision for the assessment year 2009-10, affirming the assessee's real estate business activities.
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