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 assessee received Rs. 125 lacs in cash from SGCFCL for facilitation work, which was not recorded in the books. The assessee claimed the amount was paid to 2500 shareholders, but failed to provide evidence of such payments. The onus was on the assessee to prove the impugned payment did not constitute income, which the assessee failed to discharge. The assessment was based on incriminating material and the assessee's statement admitting receipt of cash payment. The Appellate Tribunal upheld the assessment, rejecting the assessee's arguments.
The assessee received Rs. 125 lacs in cash from SGCFCL for facilitation work, which was not recorded in the books. The assessee claimed the amount was paid to 2500 shareholders, but failed to provide evidence of such payments. The onus was on the assessee to prove the impugned payment did not constitute income, which the assessee failed to discharge. The assessment was based on incriminating material and the assessee's statement admitting receipt of cash payment. The Appellate Tribunal upheld the assessment, rejecting the assessee's arguments.
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