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...
The note addresses a revision under review where the assessing officer accepted returned income without any discussion on whether foreign residential properties affect eligibility for the capital gains exemption on reinvestment in residential property. The Tribunal found the assessment order erroneous for lack of enquiry and failure to apply mind, making the Principal CIT's revision valid. Because the AO did not decide the proviso-based eligibility issue on merits, the Tribunal set aside the matter for fresh adjudication by the AO to determine entitlement to the exemption, allowing the appeal for statistical purposes.
The note addresses a revision under review where the assessing officer accepted returned income without any discussion on whether foreign residential properties affect eligibility for the capital gains exemption on reinvestment in residential property. The Tribunal found the assessment order erroneous for lack of enquiry and failure to apply mind, making the Principal CIT's revision valid. Because the AO did not decide the proviso-based eligibility issue on merits, the Tribunal set aside the matter for fresh adjudication by the AO to determine entitlement to the exemption, allowing the appeal for statistical purposes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
