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...
ITAT held that an assessment selected for limited scrutiny on cash deposits could not be widened to examine other bank credits or treat them as business receipts without the mandatory administrative approval and intimation required under CBDT instructions. Because the AO went beyond the flagged issue without jurisdiction, the assessment was set aside. On merits, amounts transferred by partners from their own bank accounts and reflected in their capital accounts were accepted as partners' deposits, not the firm's business income, since the partners had disclosed those sums in their individual returns and no material showed that the receipts belonged to the firm.
ITAT held that an assessment selected for limited scrutiny on cash deposits could not be widened to examine other bank credits or treat them as business receipts without the mandatory administrative approval and intimation required under CBDT instructions. Because the AO went beyond the flagged issue without jurisdiction, the assessment was set aside. On merits, amounts transferred by partners from their own bank accounts and reflected in their capital accounts were accepted as partners' deposits, not the firm's business income, since the partners had disclosed those sums in their individual returns and no material showed that the receipts belonged to the firm.
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