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 held that alleged documents of bank account with HSBC London were genuine as the assessee accepted and revised the return. Absence of incriminating material in search operation supported revenue's actions. Indo-UK DTAA Article 23(3) not applicable as source of deposits not established. AO's reference to FT&TR for info from UK valid. Accrued interest additions not sustainable due to lack of evidence beyond sourced statement. Penalty u/s 271(1)(c) not justified as no misreporting found. Increased penalty by CIT(A) also deleted. Other penalties on interest income deleted. Addition based on loose sheets dismissed as lacking evidentiary value. All grounds raised by assessee allowed.
The ITAT held that alleged documents of bank account with HSBC London were genuine as the assessee accepted and revised the return. Absence of incriminating material in search operation supported revenue's actions. Indo-UK DTAA Article 23(3) not applicable as source of deposits not established. AO's reference to FT&TR for info from UK valid. Accrued interest additions not sustainable due to lack of evidence beyond sourced statement. Penalty u/s 271(1)(c) not justified as no misreporting found. Increased penalty by CIT(A) also deleted. Other penalties on interest income deleted. Addition based on loose sheets dismissed as lacking evidentiary value. All grounds raised by assessee allowed.
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