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...
Penalty under section 270A for under-reporting or misreporting is valid only when the exact statutory limb under section 270A(2) is specifically identified in the notice and the penalty order. Where the Assessing Officer failed to specify the applicable clause, the foundation of the penalty proceedings was treated as defective. Relying on the jurisdictional High Court ruling in Schneider Electric South East Asia, the Tribunal treated the proceedings as bad in law, quashed the notice and penalty order, and deleted the penalty.
Penalty under section 270A for under-reporting or misreporting is valid only when the exact statutory limb under section 270A(2) is specifically identified in the notice and the penalty order. Where the Assessing Officer failed to specify the applicable clause, the foundation of the penalty proceedings was treated as defective. Relying on the jurisdictional High Court ruling in Schneider Electric South East Asia, the Tribunal treated the proceedings as bad in law, quashed the notice and penalty order, and deleted the penalty.
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