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 the assessment framed u/s 153A was invalid as the alleged incriminating material, in the form of a statement recorded u/s 132(4), was obtained during search on a third party and not from the possession of the assessee. Such material, if construed as belonging or pertaining to a person other than the searched party, could only be used by invoking s.153C after proper satisfaction and transmission to the AO having jurisdiction over that other person. The mandatory procedure under s.153C was not followed, and the assessee was not afforded an opportunity to cross-examine the third-party witness. Consequently, the additions made under s.153A were held unsustainable and the assessee's appeal was allowed in full.
ITAT held that the assessment framed u/s 153A was invalid as the alleged incriminating material, in the form of a statement recorded u/s 132(4), was obtained during search on a third party and not from the possession of the assessee. Such material, if construed as belonging or pertaining to a person other than the searched party, could only be used by invoking s.153C after proper satisfaction and transmission to the AO having jurisdiction over that other person. The mandatory procedure under s.153C was not followed, and the assessee was not afforded an opportunity to cross-examine the third-party witness. Consequently, the additions made under s.153A were held unsustainable and the assessee's appeal was allowed in full.
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