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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 reversed the disallowance of interest/compensation under section 69C and application of tax rate under section 115BBE. The Tribunal held that payments made according to business agreements cannot be deemed bogus or non-business related without adverse evidence. The authorities failed to consider relevant records before making their determination. The Tribunal clarified that section 69C (unexplained expenditure outside books) was improperly invoked since the assessee had properly recorded and claimed the payment as an expenditure in profit and loss accounts. The addition was deleted and the assessee's appeal was allowed.
The ITAT reversed the disallowance of interest/compensation under section 69C and application of tax rate under section 115BBE. The Tribunal held that payments made according to business agreements cannot be deemed bogus or non-business related without adverse evidence. The authorities failed to consider relevant records before making their determination. The Tribunal clarified that section 69C (unexplained expenditure outside books) was improperly invoked since the assessee had properly recorded and claimed the payment as an expenditure in profit and loss accounts. The addition was deleted and the assessee's appeal was allowed.
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