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 ruled in favor of assessee on two key issues. First, the allegation of "on-money" payment for residential property was rejected as the difference between actual payment and registered value cannot be deemed undisclosed income when payments were made through verified banking channels and loan disbursements. Second, DRP's direction to AO for further verification post-DRP proceedings was held ultra vires as per Sec 144C. DRP must conduct verifications during proceedings under 144C(7), not after issuing directions. AO must complete assessment within one month of receiving DRP directions without additional inquiry. Consequently, the addition made in Final Assessment Order was held without jurisdiction and deleted.
ITAT ruled in favor of assessee on two key issues. First, the allegation of "on-money" payment for residential property was rejected as the difference between actual payment and registered value cannot be deemed undisclosed income when payments were made through verified banking channels and loan disbursements. Second, DRP's direction to AO for further verification post-DRP proceedings was held ultra vires as per Sec 144C. DRP must conduct verifications during proceedings under 144C(7), not after issuing directions. AO must complete assessment within one month of receiving DRP directions without additional inquiry. Consequently, the addition made in Final Assessment Order was held without jurisdiction and deleted.
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