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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 Income Tax Appellate Tribunal (ITAT) held that denial of tax relief u/s 90/90A solely due to procedural delay in filing Form-67 is unjustified. Filing of Form-67 is a procedural formality and cannot be the basis for denying relief to the assessee. The Commissioner of Income Tax (Appeals) [CIT(A)] erred by merely stating disagreement with a binding superior court judgment without assigning any reasons, which is legally unjustifiable. An inferior court differing from a superior court's judgment must discuss and provide reasons for the divergence. The Assessing Officer should not have denied relief u/s 90 merely for the delay in filing Form-67. The assessee's appeal was allowed.
The Income Tax Appellate Tribunal (ITAT) held that denial of tax relief u/s 90/90A solely due to procedural delay in filing Form-67 is unjustified. Filing of Form-67 is a procedural formality and cannot be the basis for denying relief to the assessee. The Commissioner of Income Tax (Appeals) [CIT(A)] erred by merely stating disagreement with a binding superior court judgment without assigning any reasons, which is legally unjustifiable. An inferior court differing from a superior court's judgment must discuss and provide reasons for the divergence. The Assessing Officer should not have denied relief u/s 90 merely for the delay in filing Form-67. The assessee's appeal was allowed.
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