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 ITAT partly allowed the assessee's appeal. Travel expenses were partly disallowed by 30% considering personal element, while 70% were allowed as business expenses due to lack of documentary evidence establishing exclusive business purpose. Unexplained cash credits u/s 68 were confirmed as the assessee failed to prove identity, creditworthiness, and genuineness of transactions. Disallowance u/s 36(1)(va) for delayed PF/ESIC contributions was upheld following jurisdictional High Court's decision. However, disallowance u/s 36(1)(iii) for interest was deleted as the assessee demonstrated availability of sufficient interest-free funds.
The ITAT partly allowed the assessee's appeal. Travel expenses were partly disallowed by 30% considering personal element, while 70% were allowed as business expenses due to lack of documentary evidence establishing exclusive business purpose. Unexplained cash credits u/s 68 were confirmed as the assessee failed to prove identity, creditworthiness, and genuineness of transactions. Disallowance u/s 36(1)(va) for delayed PF/ESIC contributions was upheld following jurisdictional High Court's decision. However, disallowance u/s 36(1)(iii) for interest was deleted as the assessee demonstrated availability of sufficient interest-free funds.
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