Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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The case pertains to an addition made u/s 69 for unexplained investment in agricultural land at Ratlam. The issue revolved around whether the addition was based on presumption or evidence. The Tribunal held that the registered sale deed and bank statements showing payment through post-dated cheques cannot be disregarded. The authorities' apprehension that cash must have exchanged hands is merely a presumption without any evidence. The Tribunal emphasized that presumption, no matter how strong, can never substitute evidence. When documentary evidence in the form of a registered deed and bank statements exist, mere presumption should not prevail. The Tribunal allowed the assessee's appeal, giving credence to the documentary evidence over presumption.
The case pertains to an addition made u/s 69 for unexplained investment in agricultural land at Ratlam. The issue revolved around whether the addition was based on presumption or evidence. The Tribunal held that the registered sale deed and bank statements showing payment through post-dated cheques cannot be disregarded. The authorities' apprehension that cash must have exchanged hands is merely a presumption without any evidence. The Tribunal emphasized that presumption, no matter how strong, can never substitute evidence. When documentary evidence in the form of a registered deed and bank statements exist, mere presumption should not prevail. The Tribunal allowed the assessee's appeal, giving credence to the documentary evidence over presumption.
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