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...
ITAT admitted additional ground regarding exemption under s.10(15)(iv)(h) for interest income from PSU bonds/debentures, following NTPC precedent and Bombay HC ruling in Siva Equipment. Matter remanded to AO for verification of eligibility criteria. On s.80G deduction claim, following previous ITAT ruling for AY 2006-07, issue remanded to AO for fresh examination. Regarding computation u/r 2 of First Schedule (s.44), ITAT affirmed that life insurance business profits must be calculated as annual average surplus between inter-valuation periods per Insurance Act 1938 requirements. Revenue's appeal dismissed on all grounds, maintaining consistency with prior coordinate bench decisions. AO directed to verify factual aspects of exemption claims while adhering to statutory provisions.
ITAT admitted additional ground regarding exemption under s.10(15)(iv)(h) for interest income from PSU bonds/debentures, following NTPC precedent and Bombay HC ruling in Siva Equipment. Matter remanded to AO for verification of eligibility criteria. On s.80G deduction claim, following previous ITAT ruling for AY 2006-07, issue remanded to AO for fresh examination. Regarding computation u/r 2 of First Schedule (s.44), ITAT affirmed that life insurance business profits must be calculated as annual average surplus between inter-valuation periods per Insurance Act 1938 requirements. Revenue's appeal dismissed on all grounds, maintaining consistency with prior coordinate bench decisions. AO directed to verify factual aspects of exemption claims while adhering to statutory provisions.
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