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...
The Commissioner's invocation of Section 263 for revision of the assessment order was unjustified as the twin conditions of the order being erroneous and prejudicial to revenue interests were not satisfied. The Assessing Officer had issued a specific show cause notice regarding treatment of excess stock as unexplained investment u/s 69, which the assessee explained, and the AO accepted one of the possible views. The ITAT rightly held that the AO's order, passed after due inquiry, was not erroneous or prejudicial to revenue interests, thereby setting aside the Commissioner's revisionary action u/s 263. The decision favored the assessee.
The Commissioner's invocation of Section 263 for revision of the assessment order was unjustified as the twin conditions of the order being erroneous and prejudicial to revenue interests were not satisfied. The Assessing Officer had issued a specific show cause notice regarding treatment of excess stock as unexplained investment u/s 69, which the assessee explained, and the AO accepted one of the possible views. The ITAT rightly held that the AO's order, passed after due inquiry, was not erroneous or prejudicial to revenue interests, thereby setting aside the Commissioner's revisionary action u/s 263. The decision favored the assessee.
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