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...
Assessee challenged addition on account of unproved sundry creditors u/s 41(1), contending evidence of liability cessation was provided. AO held assessee failed to prove identity, creditworthiness, and genuineness despite opportunities. However, assessee filed relevant details of sundry credits with opening balances and settlements in relevant year. Revenue's attempt to invoke section 68 lacked discussion on assessee's failure to discharge onus. ITAT concluded in these facts, whether u/s 41(1) or 68, AO could not make impugned addition on both counts. Addition rejected accordingly.
Assessee challenged addition on account of unproved sundry creditors u/s 41(1), contending evidence of liability cessation was provided. AO held assessee failed to prove identity, creditworthiness, and genuineness despite opportunities. However, assessee filed relevant details of sundry credits with opening balances and settlements in relevant year. Revenue's attempt to invoke section 68 lacked discussion on assessee's failure to discharge onus. ITAT concluded in these facts, whether u/s 41(1) or 68, AO could not make impugned addition on both counts. Addition rejected accordingly.
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