Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Primary documentation establishing investor identity, creditworthiness and transaction genuineness is described as sufficient to discharge the initial burden for preference share capital credited under section 68. The notes state that additions cannot rest on suspicion where the Revenue produces no material showing that the assessee's own funds were routed back through investor entities. They further state that directors' adverse statements cannot sustain an addition when effective cross-examination is unavailable and documentary evidence remains undisplaced. On these stated facts, the preference share capital addition was deleted.
Primary documentation establishing investor identity, creditworthiness and transaction genuineness is described as sufficient to discharge the initial burden for preference share capital credited under section 68. The notes state that additions cannot rest on suspicion where the Revenue produces no material showing that the assessee's own funds were routed back through investor entities. They further state that directors' adverse statements cannot sustain an addition when effective cross-examination is unavailable and documentary evidence remains undisplaced. On these stated facts, the preference share capital addition was deleted.
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