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...
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The ITAT Mumbai dismissed the assessee's appeal as not maintainable due to pending liquidation process. Penalty u/s 271 imposed for failure to audit accounts u/s 44AB. IBC 2016 prevails over IT Act, limiting Income Tax authorities' jurisdiction during moratorium. CIT(A) erred in not adjudicating tax dues issue despite liquidation process, which was within scope. Failure to adjudicate on merit by CIT(A) despite no legal impediments. IT authorities can determine tax dues during moratorium. Case restored to CIT(A) for proper adjudication.
The ITAT Mumbai dismissed the assessee's appeal as not maintainable due to pending liquidation process. Penalty u/s 271 imposed for failure to audit accounts u/s 44AB. IBC 2016 prevails over IT Act, limiting Income Tax authorities' jurisdiction during moratorium. CIT(A) erred in not adjudicating tax dues issue despite liquidation process, which was within scope. Failure to adjudicate on merit by CIT(A) despite no legal impediments. IT authorities can determine tax dues during moratorium. Case restored to CIT(A) for proper adjudication.
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