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...
The ITAT Visakhapatnam addressed an addition u/s 69A for unexplained cash deposits in the bank account. The assessee failed to explain the sources for cash deposits, leading to scrutiny under CASS. The tribunal found that deposits made before demonetisation were included beyond the limited scrutiny scope. Cash deposits during demonetisation were claimed as gifts from parents. Partial relief was granted based on CBDT Instruction No.03/2017, allowing relief for deposits up to specified limits without further verification. Further relief of Rs. 5,00,000 was granted for pre-demonetisation deposits, while the remaining addition was upheld due to lack of evidence on transactions during demonetisation. The tribunal partly allowed the assessee's grounds.
The ITAT Visakhapatnam addressed an addition u/s 69A for unexplained cash deposits in the bank account. The assessee failed to explain the sources for cash deposits, leading to scrutiny under CASS. The tribunal found that deposits made before demonetisation were included beyond the limited scrutiny scope. Cash deposits during demonetisation were claimed as gifts from parents. Partial relief was granted based on CBDT Instruction No.03/2017, allowing relief for deposits up to specified limits without further verification. Further relief of Rs. 5,00,000 was granted for pre-demonetisation deposits, while the remaining addition was upheld due to lack of evidence on transactions during demonetisation. The tribunal partly allowed the assessee's grounds.
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