Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
Bogus commodity loss transaction identified as mere accommodation entry facilitated through complex fund routing. Revenue's investigation revealed modus operandi of transactions between parties, corroborated by money trail and admission by directors, establishing impugned transactions as accommodation entries for tax benefit. Burden of proof shifted to assessee to controvert findings, which was not discharged satisfactorily. Transaction treated as bogus, reducing cost of land acquisition. Unexplained credit addition deleted as source of funds established as genuine. Interest disallowance on loans reversed as source held genuine. Disallowance u/s 14A rightly deleted in absence of exempt income. Appellate Tribunal upheld Revenue's findings and assessee's contentions rejected.
Bogus commodity loss transaction identified as mere accommodation entry facilitated through complex fund routing. Revenue's investigation revealed modus operandi of transactions between parties, corroborated by money trail and admission by directors, establishing impugned transactions as accommodation entries for tax benefit. Burden of proof shifted to assessee to controvert findings, which was not discharged satisfactorily. Transaction treated as bogus, reducing cost of land acquisition. Unexplained credit addition deleted as source of funds established as genuine. Interest disallowance on loans reversed as source held genuine. Disallowance u/s 14A rightly deleted in absence of exempt income. Appellate Tribunal upheld Revenue's findings and assessee's contentions rejected.
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