PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Reopening of assessment for bogus purchases was upheld as the Assessing Officer had credible information of money laundering and foreign outward remittances by entities with whom the assessee had transactions. Estimation of income from bogus purchases was sustained at 6% following judicial precedents. Addition u/s 69 for unexplained loans given was deleted as the advances were duly recorded in books of account. Addition of transactions in penny stocks was rejected as the investments were made from disclosed bank accounts and losses were incurred, following the reasoned decision of the Commissioner of Income Tax (Appeals).
Reopening of assessment for bogus purchases was upheld as the Assessing Officer had credible information of money laundering and foreign outward remittances by entities with whom the assessee had transactions. Estimation of income from bogus purchases was sustained at 6% following judicial precedents. Addition u/s 69 for unexplained loans given was deleted as the advances were duly recorded in books of account. Addition of transactions in penny stocks was rejected as the investments were made from disclosed bank accounts and losses were incurred, following the reasoned decision of the Commissioner of Income Tax (Appeals).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
