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...
The sales declared by the assessee were treated as bogus, leading to an addition u/s 69A. However, the CIT(A) found that the AO accepted the purchases, inventory, and net profit declared by the assessee. The AO's presumption that the assessee rerouted their own funds was not backed by material evidence. Consequently, the addition was dismissed. Regarding reassessment proceedings, the approval granted u/s 151 was invalid as it was granted for another person's assessment, with the reason merely recorded as 'yes', indicating a mechanical approval. Therefore, the initiation of proceedings itself was held as bad in law, and the assessment made in the assessee's case was set aside. The assessee's appeal was allowed.
The sales declared by the assessee were treated as bogus, leading to an addition u/s 69A. However, the CIT(A) found that the AO accepted the purchases, inventory, and net profit declared by the assessee. The AO's presumption that the assessee rerouted their own funds was not backed by material evidence. Consequently, the addition was dismissed. Regarding reassessment proceedings, the approval granted u/s 151 was invalid as it was granted for another person's assessment, with the reason merely recorded as 'yes', indicating a mechanical approval. Therefore, the initiation of proceedings itself was held as bad in law, and the assessment made in the assessee's case was set aside. The assessee's appeal was allowed.
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