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 adjudicated two key tax matters involving a taxpayer's ULIP policy and residential property capital gains. The tribunal held that the LIC Market Plus-1 Policy constitutes a capital asset, rendering gains from its surrender taxable under "Capital Gains" rather than "Income from Other Sources". Additionally, the tribunal ruled that capital gains from multiple residential property sales can be invested in a single residential property, allowing the taxpayer's exemption claim under section 54. The tribunal found the assessee complied with statutory requirements by constructing a new house within three years and depositing capital gains in a prescribed scheme account. Consequently, the tribunal allowed the assessee's appeals, directing the Assessing Officer to grant the claimed section 54 exemption and recognize the capital gains treatment for the ULIP policy surrender.
ITAT adjudicated two key tax matters involving a taxpayer's ULIP policy and residential property capital gains. The tribunal held that the LIC Market Plus-1 Policy constitutes a capital asset, rendering gains from its surrender taxable under "Capital Gains" rather than "Income from Other Sources". Additionally, the tribunal ruled that capital gains from multiple residential property sales can be invested in a single residential property, allowing the taxpayer's exemption claim under section 54. The tribunal found the assessee complied with statutory requirements by constructing a new house within three years and depositing capital gains in a prescribed scheme account. Consequently, the tribunal allowed the assessee's appeals, directing the Assessing Officer to grant the claimed section 54 exemption and recognize the capital gains treatment for the ULIP policy surrender.
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