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...
The appellant failed to prove the legitimate source for acquisition of the subject property, and the Appellate Tribunal upheld the Provisional Attachment Order treating the amount as proceeds of crime derived from NRHM funds. The prosecution complaint was filed within the prescribed time limit. At this interim stage, the attachment of properties continues till the final disposal of the prosecution case. The appeal regarding seizure of Rs. 9.50 lakh, treated as proceeds of crime, was also dismissed as the appellant could not provide authentic evidence for the cash transactions.
The appellant failed to prove the legitimate source for acquisition of the subject property, and the Appellate Tribunal upheld the Provisional Attachment Order treating the amount as proceeds of crime derived from NRHM funds. The prosecution complaint was filed within the prescribed time limit. At this interim stage, the attachment of properties continues till the final disposal of the prosecution case. The appeal regarding seizure of Rs. 9.50 lakh, treated as proceeds of crime, was also dismissed as the appellant could not provide authentic evidence for the cash transactions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
