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 held that the AO failed to properly examine the exemption claim under section 10(38) for long-term capital gains. The tribunal found no evidence of adequate investigation or verification in the assessment order. Referencing SC precedent in Paville Project Pvt. Ltd, the tribunal determined the assessment order was prejudicial to revenue interests. The PCIT's revision under section 263 was justified, as the AO did not conduct requisite inquiries regarding the genuineness of capital gains exemption. Consequently, the tribunal upheld the PCIT's order and dismissed the assessee's appeal, mandating a comprehensive reassessment of the capital gains claim.
ITAT held that the AO failed to properly examine the exemption claim under section 10(38) for long-term capital gains. The tribunal found no evidence of adequate investigation or verification in the assessment order. Referencing SC precedent in Paville Project Pvt. Ltd, the tribunal determined the assessment order was prejudicial to revenue interests. The PCIT's revision under section 263 was justified, as the AO did not conduct requisite inquiries regarding the genuineness of capital gains exemption. Consequently, the tribunal upheld the PCIT's order and dismissed the assessee's appeal, mandating a comprehensive reassessment of the capital gains claim.
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