Writ relief against show cause notices is available where jurisdiction is absent and concluded advance rulings cannot be reopened without fresh fraud ...
Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible ...
Section 2(11) of the Black Money Act treats a foreign asset as undisclosed where no explanation of its acquisition source is provided or the explanation is unsatisfactory. The text explains that foreign investments and bank assets sourced from gifts received during Belgian residency were supported by documents, banking records, donor statements and subsequent verification. As no material linked the assets to Indian taxable income, undisclosed business activity, accommodation arrangements or transfers of untaxed Indian funds, suspicion could not replace evidence. The foreign-asset addition was deleted, and the consequential penalty was also deleted because its underlying addition did not survive.
Section 2(11) of the Black Money Act treats a foreign asset as undisclosed where no explanation of its acquisition source is provided or the explanation is unsatisfactory. The text explains that foreign investments and bank assets sourced from gifts received during Belgian residency were supported by documents, banking records, donor statements and subsequent verification. As no material linked the assets to Indian taxable income, undisclosed business activity, accommodation arrangements or transfers of untaxed Indian funds, suspicion could not replace evidence. The foreign-asset addition was deleted, and the consequential penalty was also deleted because its underlying addition did not survive.
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