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...
Applicability of Section 64(1) and Section 54F of the Income Tax Act. Section 64(1) allows for the inclusion of a dependent spouse's income in the assessee's taxable income. The Tribunal held that the assessee's wife was dependent, and her income was rightly included in the assessee's return u/s 64(1). Regarding Section 54F, which provides exemption from long-term capital gains on the sale of a residential property if the proceeds are invested in another residential property, the Tribunal held that the investment in two adjacent flats by the assessee's wife qualified as a single residential unit. Therefore, the assessee was eligible for the exemption u/s 54F, despite the amendment restricting it to one residential unit from April 1, 2015. The Tribunal relied on previous judicial precedents and allowed the assessee's appeal.
Applicability of Section 64(1) and Section 54F of the Income Tax Act. Section 64(1) allows for the inclusion of a dependent spouse's income in the assessee's taxable income. The Tribunal held that the assessee's wife was dependent, and her income was rightly included in the assessee's return u/s 64(1). Regarding Section 54F, which provides exemption from long-term capital gains on the sale of a residential property if the proceeds are invested in another residential property, the Tribunal held that the investment in two adjacent flats by the assessee's wife qualified as a single residential unit. Therefore, the assessee was eligible for the exemption u/s 54F, despite the amendment restricting it to one residential unit from April 1, 2015. The Tribunal relied on previous judicial precedents and allowed the assessee's appeal.
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