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 case involved rectification of a mistake u/s 154 for denial of exemption u/s 11. The appellant mistakenly classified income as "business income" instead of "income from other sources," resulting in denial of exemption. The appellant rectified this by submitting a revised return within the prescribed time frame u/s 139(5), not as a Section 154 application. As no intimation u/s 143(1) was issued within the stipulated period, the revised return was deemed accepted. Even if treated as a Section 154 application, the CPC's failure to pass an order within six months led to deemed acceptance. The rejection of a second rectification application lacked justification as all necessary details were provided in the revised return. The tribunal directed the exemption u/s 11 to be granted.
The case involved rectification of a mistake u/s 154 for denial of exemption u/s 11. The appellant mistakenly classified income as "business income" instead of "income from other sources," resulting in denial of exemption. The appellant rectified this by submitting a revised return within the prescribed time frame u/s 139(5), not as a Section 154 application. As no intimation u/s 143(1) was issued within the stipulated period, the revised return was deemed accepted. Even if treated as a Section 154 application, the CPC's failure to pass an order within six months led to deemed acceptance. The rejection of a second rectification application lacked justification as all necessary details were provided in the revised return. The tribunal directed the exemption u/s 11 to be granted.
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