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 Tribunal held that the assessee's cash deposits during the demonetization period were from sale proceeds and collections from sundry debtors/trade debtors. The assessee maintained proper books of accounts subjected to tax audit, and the sales were reflected and offered to tax. Adding the same again would amount to impermissible double taxation. The assessee discharged the burden of proving the source of the cash deposited, and the authorities failed to rebut it. The Tribunal found no prohibition on dealing with Specified Bank Notes until December 31, 2016, under the Specified Bank Notes (Cessation of Liabilities) Act, 2017. Consequently, the assessee's appeal was allowed.
The Tribunal held that the assessee's cash deposits during the demonetization period were from sale proceeds and collections from sundry debtors/trade debtors. The assessee maintained proper books of accounts subjected to tax audit, and the sales were reflected and offered to tax. Adding the same again would amount to impermissible double taxation. The assessee discharged the burden of proving the source of the cash deposited, and the authorities failed to rebut it. The Tribunal found no prohibition on dealing with Specified Bank Notes until December 31, 2016, under the Specified Bank Notes (Cessation of Liabilities) Act, 2017. Consequently, the assessee's appeal was allowed.
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