Capital Asset Conversion Requires Proven Business Stock Treatment; Paper Consideration in Spousal Flat Transfers Does Not Create Taxable Business Inco...
Human-probability test defeats political donation deduction where banking records mask accommodation-entry fund layering and evidence shows non-genuin...
Commercial property status protects capital-gains exemption when residential-house ownership limits are tested, while agricultural-land character gove...
Voluntary payment of tax demanded under an unchallenged show-cause notice alleging fraudulent transactions amounts to acquiescence in the notice and admission of its allegations. Once tax is paid without objection to the invocation of section 74, no separate finding of fraud is required for consequential interest and penalty. Payment does not permit the taxpayer to later deny that liability, and the procedure does not breach section 74(5). The interest and penalty demand therefore remains enforceable.
Voluntary payment of tax demanded under an unchallenged show-cause notice alleging fraudulent transactions amounts to acquiescence in the notice and admission of its allegations. Once tax is paid without objection to the invocation of section 74, no separate finding of fraud is required for consequential interest and penalty. Payment does not permit the taxpayer to later deny that liability, and the procedure does not breach section 74(5). The interest and penalty demand therefore remains enforceable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4879 
