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 considered the addition of capital gain due to undeclared transaction. The property's ownership was crucial, as the property was not owned by the HUF as claimed. The claim of transfer under HUF partition was rejected as unproven. The "family settlement" theory was introduced late and not supported by evidence. The sale-deed executed was deemed taxable, as it involved a genuine transaction between the assessee and his brothers. The unexplained cash deposits were justified by the Cash-Book, leading to deletion of the addition. Overall, the capital gain addition was upheld, while the unexplained cash deposits addition was deleted.
The ITAT considered the addition of capital gain due to undeclared transaction. The property's ownership was crucial, as the property was not owned by the HUF as claimed. The claim of transfer under HUF partition was rejected as unproven. The "family settlement" theory was introduced late and not supported by evidence. The sale-deed executed was deemed taxable, as it involved a genuine transaction between the assessee and his brothers. The unexplained cash deposits were justified by the Cash-Book, leading to deletion of the addition. Overall, the capital gain addition was upheld, while the unexplained cash deposits addition was deleted.
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