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...
Penalty under section 270A was unsustainable where the disputed claims related only to the allowability of expenditure already incurred. The Tribunal noted that loan processing charges and stamp duty were not denied as expenses, but were treated by the AO as capital in nature, and the preliminary expenses claim under section 35D failed only on eligibility. Because the issue was a debatable disallowance of deduction and there was no wilful furnishing of inaccurate particulars, under-reporting or misreporting was not made out. The penalty confirmed in appeal was deleted.
Penalty under section 270A was unsustainable where the disputed claims related only to the allowability of expenditure already incurred. The Tribunal noted that loan processing charges and stamp duty were not denied as expenses, but were treated by the AO as capital in nature, and the preliminary expenses claim under section 35D failed only on eligibility. Because the issue was a debatable disallowance of deduction and there was no wilful furnishing of inaccurate particulars, under-reporting or misreporting was not made out. The penalty confirmed in appeal was deleted.
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