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 held that initiation of penalty proceedings u/s 271DA for alleged contravention of s.269ST requires the assessing authority's recorded satisfaction to appear in the assessment order itself while analysing transactions, failing which limitation for initiation of penalty arises. The SC precedent was applied to require that even where an assessment is set aside and fresh assessment is framed de novo, the fresh assessment order must record the requisite satisfaction before invoking penalty u/s 271DA. Treating penalties u/s 271D and 271DA as pari materia in furtherance of cashless economy objectives, the Tribunal set aside penalty and decided the matter in favour of the assessee.
ITAT held that initiation of penalty proceedings u/s 271DA for alleged contravention of s.269ST requires the assessing authority's recorded satisfaction to appear in the assessment order itself while analysing transactions, failing which limitation for initiation of penalty arises. The SC precedent was applied to require that even where an assessment is set aside and fresh assessment is framed de novo, the fresh assessment order must record the requisite satisfaction before invoking penalty u/s 271DA. Treating penalties u/s 271D and 271DA as pari materia in furtherance of cashless economy objectives, the Tribunal set aside penalty and decided the matter in favour of the assessee.
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