Proof of funds: acceptance of evidence of availability in Ceylon near investment dates to support transferred funds to India. Where assessees can demonstrate availability of funds in Ceylon proximate to the dates of investments in India, the explanation should be accepted by the income-tax authorities in lieu of strict proof of remittance, recognising that rigid insistence on formal remittance evidence causes hardship in some Ceylon repatriate cases.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Proof of funds: acceptance of evidence of availability in Ceylon near investment dates to support transferred funds to India.
Where assessees can demonstrate availability of funds in Ceylon proximate to the dates of investments in India, the explanation should be accepted by the income-tax authorities in lieu of strict proof of remittance, recognising that rigid insistence on formal remittance evidence causes hardship in some Ceylon repatriate cases.
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