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 considered the issue of cash deposits and other credits in the assessee's saving bank account. The tribunal noted that the cash deposits were not made in a single day but over various occasions, with some amounts transferred to a current account. The assessee claimed the cash came from selling PVC and iron scrap purchased with deposited funds. As the assessee had no other income besides business and capital gains, the cash deposits were deemed business receipts. Due to lack of accounting books, the tribunal applied the peak theory to tax only the peak cash deposit of Rs. 9,70,000, following legal precedents like Godhra Electricity Co. Ltd and Excel Industries Ltd. Grounds No. 3 & 5 were partly allowed based on this analysis.
The ITAT considered the issue of cash deposits and other credits in the assessee's saving bank account. The tribunal noted that the cash deposits were not made in a single day but over various occasions, with some amounts transferred to a current account. The assessee claimed the cash came from selling PVC and iron scrap purchased with deposited funds. As the assessee had no other income besides business and capital gains, the cash deposits were deemed business receipts. Due to lack of accounting books, the tribunal applied the peak theory to tax only the peak cash deposit of Rs. 9,70,000, following legal precedents like Godhra Electricity Co. Ltd and Excel Industries Ltd. Grounds No. 3 & 5 were partly allowed based on this analysis.
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