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...
The case involved the entitlement to exemption u/s 11/12 based on the filing of an audit report. Non-filing of the audit report with the return of income was considered a procedural irregularity, not a basis for denying the exemption. The CBDT Circular allowed for condoning delays, but as no condonation petition was filed, this point was rejected. The assessee was advised to appeal against the intimation u/s 143(1) rather than a rectification order u/s 154. The decision emphasized that the correct amount of tax should be imposed on the assessee, even if the appeal channel was not chosen correctly. Ultimately, the assessee was granted the benefit of exemption u/s 11/12 despite the delay in filing the audit report.
The case involved the entitlement to exemption u/s 11/12 based on the filing of an audit report. Non-filing of the audit report with the return of income was considered a procedural irregularity, not a basis for denying the exemption. The CBDT Circular allowed for condoning delays, but as no condonation petition was filed, this point was rejected. The assessee was advised to appeal against the intimation u/s 143(1) rather than a rectification order u/s 154. The decision emphasized that the correct amount of tax should be imposed on the assessee, even if the appeal channel was not chosen correctly. Ultimately, the assessee was granted the benefit of exemption u/s 11/12 despite the delay in filing the audit report.
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