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...
Penalties levied u/ss 271D and 271E were challenged. The assessee was found to have violated Sections 269SS and 269T. However, there was no concrete finding that the assessee accepted loans or repaid them in violation of these sections. The Revenue's only evidence was the statement of the Director of Sudama Resorts, whose cheques were found with the assessee. The assessee sought cross-examination of the Director, which was not granted by the Assessing Officer. This statement lacks evidentiary value as per the Supreme Court's ruling in Andaman Timber Industries. Moreover, the Director of Sudama Resorts had surrendered income related to the cheques found during the search. There was no clear finding based on authentic evidence that the assessee violated Sections 269SS and 269T. Therefore, the penalties u/ss 271D and 271E were not applicable, following the ITAT Pune's decision in Sneh Builders. The assessee's appeals were allowed.
Penalties levied u/ss 271D and 271E were challenged. The assessee was found to have violated Sections 269SS and 269T. However, there was no concrete finding that the assessee accepted loans or repaid them in violation of these sections. The Revenue's only evidence was the statement of the Director of Sudama Resorts, whose cheques were found with the assessee. The assessee sought cross-examination of the Director, which was not granted by the Assessing Officer. This statement lacks evidentiary value as per the Supreme Court's ruling in Andaman Timber Industries. Moreover, the Director of Sudama Resorts had surrendered income related to the cheques found during the search. There was no clear finding based on authentic evidence that the assessee violated Sections 269SS and 269T. Therefore, the penalties u/ss 271D and 271E were not applicable, following the ITAT Pune's decision in Sneh Builders. The assessee's appeals were allowed.
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