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 case involves the validity of assessments u/s 153A and 132 of the Income Tax Act. In the absence of incriminating material seized during the search, assessments cannot be solely based on routine additions. The jurisdiction u/s 153A requires the presence of undisclosed income or property discovered during the search. Assessments cannot be made solely on the basis of notings on loose sheets without corroborative evidence. The onus lies on the department to provide cogent evidence. Sworn statements must be supported by independent evidence. Taxation of undisclosed stock and unaccounted sales u/s 115BBE requires proper identification of income sources. In the absence of evidence linking income to unknown sources, excess stock found during the search should be treated as business income. The application of section 69B with section 115BBE should be based on concrete evidence. The assessment should reflect income derived from the normal course of business.
The case involves the validity of assessments u/s 153A and 132 of the Income Tax Act. In the absence of incriminating material seized during the search, assessments cannot be solely based on routine additions. The jurisdiction u/s 153A requires the presence of undisclosed income or property discovered during the search. Assessments cannot be made solely on the basis of notings on loose sheets without corroborative evidence. The onus lies on the department to provide cogent evidence. Sworn statements must be supported by independent evidence. Taxation of undisclosed stock and unaccounted sales u/s 115BBE requires proper identification of income sources. In the absence of evidence linking income to unknown sources, excess stock found during the search should be treated as business income. The application of section 69B with section 115BBE should be based on concrete evidence. The assessment should reflect income derived from the normal course of business.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
