Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Documentary evidence of allotment, continuity of shareholding and transfer deeds was treated as sufficient to prove that the shares sold were bonus shares held by the assessee. On that factual basis, the sale proceeds were not regarded as unexplained cash credit and were not taxed as income from other sources, despite discrepancies in the memorandum of understanding and consideration details. Because the quantum addition fell, the consequential penalty for furnishing inaccurate particulars also failed and was deleted.
Documentary evidence of allotment, continuity of shareholding and transfer deeds was treated as sufficient to prove that the shares sold were bonus shares held by the assessee. On that factual basis, the sale proceeds were not regarded as unexplained cash credit and were not taxed as income from other sources, despite discrepancies in the memorandum of understanding and consideration details. Because the quantum addition fell, the consequential penalty for furnishing inaccurate particulars also failed and was deleted.
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