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...
Penalty for furnishing inaccurate particulars was upheld where commission expenditure was found non-genuine, as third-party verification showed the alleged intermediaries had not rendered services and the assessee failed to substantiate the claim. Where penalty had been computed on additions not finally sustained in appeal, it was treated as a mistake apparent from the record and was directed to be recomputed only on the surviving addition. Penalty under section 41(1) for waiver of interest liability was deleted for one year because the assessee's explanation based on a bona fide one-time settlement with banks was accepted, and penalty was not automatic merely because the addition survived.
Penalty for furnishing inaccurate particulars was upheld where commission expenditure was found non-genuine, as third-party verification showed the alleged intermediaries had not rendered services and the assessee failed to substantiate the claim. Where penalty had been computed on additions not finally sustained in appeal, it was treated as a mistake apparent from the record and was directed to be recomputed only on the surviving addition. Penalty under section 41(1) for waiver of interest liability was deleted for one year because the assessee's explanation based on a bona fide one-time settlement with banks was accepted, and penalty was not automatic merely because the addition survived.
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