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...
ITAT partially allowed the appeal, reducing the estimated income addition from 10% to 1.52% of declared turnover. Despite concerns about unaudited accounts and non-filing of returns, the tribunal recognized the assessee's self-declared figures and permitted a set-off of Rs. 1,49,165/-. The decision mandates the assessee to reconcile financial discrepancies while moderating the income addition imposed by the Assessing Officer, thereby striking a balance between procedural compliance and equitable tax assessment.
ITAT partially allowed the appeal, reducing the estimated income addition from 10% to 1.52% of declared turnover. Despite concerns about unaudited accounts and non-filing of returns, the tribunal recognized the assessee's self-declared figures and permitted a set-off of Rs. 1,49,165/-. The decision mandates the assessee to reconcile financial discrepancies while moderating the income addition imposed by the Assessing Officer, thereby striking a balance between procedural compliance and equitable tax assessment.
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