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Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
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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 considered the disallowance of interest paid on a loan from Hyderabad Mutual Benefit Society. The Tribunal found that the documents certifying the loan were not available to the Assessing Officer before the assessment order. The Tribunal directed the assessee to file an application for admission of additional evidence. Regarding the disallowed expenditure on livestock, the Tribunal held that livestock is not a capital asset, and thus, the expenditure cannot be capitalized. The Tribunal dismissed the appeal on this ground. Additionally, the Tribunal determined that the profit on the sale of livestock should be treated as business income, not capital gain, as livestock is considered stock-in-trade. The Tribunal remanded the issue of computing total income from the purchase of livestock to the Assessing Officer for further verification.
The Appellate Tribunal considered the disallowance of interest paid on a loan from Hyderabad Mutual Benefit Society. The Tribunal found that the documents certifying the loan were not available to the Assessing Officer before the assessment order. The Tribunal directed the assessee to file an application for admission of additional evidence. Regarding the disallowed expenditure on livestock, the Tribunal held that livestock is not a capital asset, and thus, the expenditure cannot be capitalized. The Tribunal dismissed the appeal on this ground. Additionally, the Tribunal determined that the profit on the sale of livestock should be treated as business income, not capital gain, as livestock is considered stock-in-trade. The Tribunal remanded the issue of computing total income from the purchase of livestock to the Assessing Officer for further verification.
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