Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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An assessment made as a consequential order under the revision mechanism does not survive once the underlying revision orders are set aside and remitted for fresh consideration. Here, the Tribunal held that the assessment passed under sections 147, 263 and 144B depended entirely on section 263 orders that had already been sent back to the Principal Commissioner for a fresh order. Because that foundation had ceased to exist, the assessment order and the appellate order affirming it were treated as infructuous, and the appeals were dismissed on that basis.
An assessment made as a consequential order under the revision mechanism does not survive once the underlying revision orders are set aside and remitted for fresh consideration. Here, the Tribunal held that the assessment passed under sections 147, 263 and 144B depended entirely on section 263 orders that had already been sent back to the Principal Commissioner for a fresh order. Because that foundation had ceased to exist, the assessment order and the appellate order affirming it were treated as infructuous, and the appeals were dismissed on that basis.
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