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...
Reassessment notice issued after three years was held barred by limitation because the factual foundation was incorrect. The Tribunal noted that the assessee's bank statements showed cash deposits of only Rs. 19,50,000 in the two IDBI Bank accounts, not the higher aggregate assumed by the AO. It held that the validity of notice under section 148 must be tested on the correct facts, and an otherwise time-barred notice cannot be sustained by relying on erroneous figures in the section 148A(b) notice, the section 148A(d) order, or the section 148 notice itself. The reassessment order was therefore also vitiated.
Reassessment notice issued after three years was held barred by limitation because the factual foundation was incorrect. The Tribunal noted that the assessee's bank statements showed cash deposits of only Rs. 19,50,000 in the two IDBI Bank accounts, not the higher aggregate assumed by the AO. It held that the validity of notice under section 148 must be tested on the correct facts, and an otherwise time-barred notice cannot be sustained by relying on erroneous figures in the section 148A(b) notice, the section 148A(d) order, or the section 148 notice itself. The reassessment order was therefore also vitiated.
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