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...
Where reopening is founded on material seized in a third-party search, section 153C operates as the special procedure for assessment of that other person and overrides general reassessment under section 147; the reassessment was therefore void ab initio and the annulment was upheld. On merits, additions for alleged cash loans and interest based only on a retracted survey statement could not stand because no independent corroborative evidence was produced and the seized broker documents did not implicate the assessee. The Tribunal accordingly dismissed the Revenue's challenge and sustained the finding that the additions were unsustainable.
Where reopening is founded on material seized in a third-party search, section 153C operates as the special procedure for assessment of that other person and overrides general reassessment under section 147; the reassessment was therefore void ab initio and the annulment was upheld. On merits, additions for alleged cash loans and interest based only on a retracted survey statement could not stand because no independent corroborative evidence was produced and the seized broker documents did not implicate the assessee. The Tribunal accordingly dismissed the Revenue's challenge and sustained the finding that the additions were unsustainable.
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