Mechanical approval under search assessment law vitiates assessments when sanction lacks application of mind; retrospective curative provision cannot ...
Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
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Penalty under section 271D for alleged acceptance of a cash loan was held unsustainable where the case rested only on a third-party statement recorded in search proceedings and loose papers found at another premises. The assessee consistently denied taking any cash loan, yet the Assessing Officer did not provide the incriminating material, related assessment details, or an opportunity to cross-examine the alleged lender. In the absence of independent corroborative evidence, the allegation was treated as conjecture; loose sheets and random entries were said to have no evidentiary value against a third person unless supported by admissible material and surrounding circumstances. The penalty was deleted.
Penalty under section 271D for alleged acceptance of a cash loan was held unsustainable where the case rested only on a third-party statement recorded in search proceedings and loose papers found at another premises. The assessee consistently denied taking any cash loan, yet the Assessing Officer did not provide the incriminating material, related assessment details, or an opportunity to cross-examine the alleged lender. In the absence of independent corroborative evidence, the allegation was treated as conjecture; loose sheets and random entries were said to have no evidentiary value against a third person unless supported by admissible material and surrounding circumstances. The penalty was deleted.
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