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 Appellate Tribunal addressed undisclosed sales and net profit determination. The CIT(A) limited the addition to the net profit element, with the Revenue arguing for a 12.5% rate instead of 8%. Incriminating material was found during a search at the director's residence, indicating off-the-books sales. The Tribunal ruled that a higher net profit rate must be justified based on business nature and facts, not arbitrarily. The Revenue failed to provide a reasonable basis for the 12.5% rate, and the High Court decision cited did not align with the assessee's activities. The Tribunal rejected the Revenue's argument, upholding the CIT(A)'s decision.
The Appellate Tribunal addressed undisclosed sales and net profit determination. The CIT(A) limited the addition to the net profit element, with the Revenue arguing for a 12.5% rate instead of 8%. Incriminating material was found during a search at the director's residence, indicating off-the-books sales. The Tribunal ruled that a higher net profit rate must be justified based on business nature and facts, not arbitrarily. The Revenue failed to provide a reasonable basis for the 12.5% rate, and the High Court decision cited did not align with the assessee's activities. The Tribunal rejected the Revenue's argument, upholding the CIT(A)'s decision.
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