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...
Project Falcon material, standing alone, could not justify an addition under section 68 where the assessee had already recorded the option-trading profit in its profit and loss account, the trade data showed both gains and losses, and there was no direct assessee-specific evidence of a manipulative reversal-trade arrangement. The Tribunal held that the proposed addition would also amount to double taxation, so the deletion of the section 68 addition and the related commission disallowance under section 69C was upheld. On the alleged accommodation loan, the assessee discharged the burden by producing cheque payment, books, confirmations, bank statements and repayment evidence, while the lender's financials showed creditworthiness; in the absence of contrary inquiry or direct linkage, the section 68 addition was unsustainable and its deletion was affirmed.
Project Falcon material, standing alone, could not justify an addition under section 68 where the assessee had already recorded the option-trading profit in its profit and loss account, the trade data showed both gains and losses, and there was no direct assessee-specific evidence of a manipulative reversal-trade arrangement. The Tribunal held that the proposed addition would also amount to double taxation, so the deletion of the section 68 addition and the related commission disallowance under section 69C was upheld. On the alleged accommodation loan, the assessee discharged the burden by producing cheque payment, books, confirmations, bank statements and repayment evidence, while the lender's financials showed creditworthiness; in the absence of contrary inquiry or direct linkage, the section 68 addition was unsustainable and its deletion was affirmed.
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