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 ITAT set aside the addition under section 69A read with section 115BBE relating to undisclosed investment of Rs. 50 lakhs. The AO failed to produce any material evidence or documentation proving that the assessee owned the cash or had made the alleged payment to the third party for the purchase of immovable property. The denial by the alleged payee remained unchallenged and the mere WhatsApp communication with a third party, not involved in the original transaction, was held insufficient to establish ownership or cash transaction. Consequently, invocation of section 69A was unwarranted for the assessment year 2022-23. The Tribunal deleted the addition and allowed the assessee's appeal.
The ITAT set aside the addition under section 69A read with section 115BBE relating to undisclosed investment of Rs. 50 lakhs. The AO failed to produce any material evidence or documentation proving that the assessee owned the cash or had made the alleged payment to the third party for the purchase of immovable property. The denial by the alleged payee remained unchallenged and the mere WhatsApp communication with a third party, not involved in the original transaction, was held insufficient to establish ownership or cash transaction. Consequently, invocation of section 69A was unwarranted for the assessment year 2022-23. The Tribunal deleted the addition and allowed the assessee's appeal.
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