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 ITAT Mumbai held that addition as unexplained income based on accommodation entries lacked proof of transaction nature, creditworthiness, and genuineness. AO's premise that all entries were accommodation entries without examining their legitimacy was unfounded. Lack of evidence showing purchases or sales as bogus, or loans as unexplained, led to deletion of the addition. The Tribunal ruled in favor of the assessee, highlighting the importance of substantiating transactions to avoid unexplained income allegations.
The ITAT Mumbai held that addition as unexplained income based on accommodation entries lacked proof of transaction nature, creditworthiness, and genuineness. AO's premise that all entries were accommodation entries without examining their legitimacy was unfounded. Lack of evidence showing purchases or sales as bogus, or loans as unexplained, led to deletion of the addition. The Tribunal ruled in favor of the assessee, highlighting the importance of substantiating transactions to avoid unexplained income allegations.
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