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...
Cash payments exceeding Rs. 20,000 were made, and the assessee provided a statement on oath, affidavits from the vendor, and explanations about the vendor's father's ill health and jail term, as well as the precondition of cash payment for the land deal. The appellate authority erred in rejecting these submissions and not considering business expediency. Regarding development expenses, the assessing officer disallowed 10% due to lack of vouchers, which was reduced to 5% by the appellate authority. Since no further evidence was produced, the Appellate Tribunal declined to interfere with the appellate authority's order on this issue.
Cash payments exceeding Rs. 20,000 were made, and the assessee provided a statement on oath, affidavits from the vendor, and explanations about the vendor's father's ill health and jail term, as well as the precondition of cash payment for the land deal. The appellate authority erred in rejecting these submissions and not considering business expediency. Regarding development expenses, the assessing officer disallowed 10% due to lack of vouchers, which was reduced to 5% by the appellate authority. Since no further evidence was produced, the Appellate Tribunal declined to interfere with the appellate authority's order on this issue.
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