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 dealt with a case involving a Revision u/s 263. The PCIT alleged that the AO did not inquire into cash deposits during demonetization or non-disclosure of income from scrap sales. However, the ITAT found that the AO had conducted proper inquiries based on assessment records, notices issued u/s 142(1), and replies from the assessee. The PCIT's allegations were deemed unfounded as the assessment order was not erroneous or prejudicial to revenue. The ITAT emphasized that invoking section 263 requires meeting specific conditions and that the revisionary authority cannot act arbitrarily. The decision favored the assessee due to lack of evidence supporting the PCIT's allegations.
The ITAT dealt with a case involving a Revision u/s 263. The PCIT alleged that the AO did not inquire into cash deposits during demonetization or non-disclosure of income from scrap sales. However, the ITAT found that the AO had conducted proper inquiries based on assessment records, notices issued u/s 142(1), and replies from the assessee. The PCIT's allegations were deemed unfounded as the assessment order was not erroneous or prejudicial to revenue. The ITAT emphasized that invoking section 263 requires meeting specific conditions and that the revisionary authority cannot act arbitrarily. The decision favored the assessee due to lack of evidence supporting the PCIT's allegations.
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