Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Purchase of property - Genuineness of transaction - The transaction as alleged by the applicant is not a bona fide act. The conclusions of the Thareja Committee is concurred with - Further, in 2002 when the alleged transaction took place, the JVG Group of Companies was a sinking ship. The flagship company of the Group, namely, JVG Finance Ltd. had already been ordered to be provisionally wound up by order dated 05.06.1998. One cannot help coming to the conclusion that this transaction was carried out only to whisk away valuable assets of the JVG Group of Companies which at that time were likely to go under winding up proceedings. - HC
Purchase of property - Genuineness of transaction - The transaction as alleged by the applicant is not a bona fide act. The conclusions of the Thareja Committee is concurred with - Further, in 2002 when the alleged transaction took place, the JVG Group of Companies was a sinking ship. The flagship company of the Group, namely, JVG Finance Ltd. had already been ordered to be provisionally wound up by order dated 05.06.1998. One cannot help coming to the conclusion that this transaction was carried out only to whisk away valuable assets of the JVG Group of Companies which at that time were likely to go under winding up proceedings. - HC
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