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 SC dismissed a Special Leave Petition challenging a Gujarat HC ruling due to an unexplained 292-day delay in filing. The underlying case concerned the Revenue's treatment of proceeds from shares of Sunrise Asian Ltd as unexplained income under s.68 rather than LTCG exempt under s.10(38). The HC had ruled in the assessee's favor, finding that exemption claims cannot be deemed bogus based on mere presumption when: (1) no evidence contradicted the assessee's position, (2) SEBI had not found the shares to be rigged, and (3) the assessee had held the shares for approximately two and a half years before selling them.
The SC dismissed a Special Leave Petition challenging a Gujarat HC ruling due to an unexplained 292-day delay in filing. The underlying case concerned the Revenue's treatment of proceeds from shares of Sunrise Asian Ltd as unexplained income under s.68 rather than LTCG exempt under s.10(38). The HC had ruled in the assessee's favor, finding that exemption claims cannot be deemed bogus based on mere presumption when: (1) no evidence contradicted the assessee's position, (2) SEBI had not found the shares to be rigged, and (3) the assessee had held the shares for approximately two and a half years before selling them.
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