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...
Disallowance of commission paid to foreign agents - The Tribunal upheld the disallowance of commission expenses to both domestic and non-resident companies due to the lack of evidence of services provided and non-compliance with TDS requirements. Similarly, the disallowance of legal and professional charges was upheld as the services originated from India. Additionally, the Tribunal upheld the disallowance of interest expenses, noting the diversion of interest-bearing funds for non-business purposes
Disallowance of commission paid to foreign agents - The Tribunal upheld the disallowance of commission expenses to both domestic and non-resident companies due to the lack of evidence of services provided and non-compliance with TDS requirements. Similarly, the disallowance of legal and professional charges was upheld as the services originated from India. Additionally, the Tribunal upheld the disallowance of interest expenses, noting the diversion of interest-bearing funds for non-business purposes
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