Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
The High Court held that statements recorded u/s 132(4) of the Income Tax Act, 1961, are admissible evidence u/s 158BD read with Section 3 of the Indian Evidence Act, 1872, and Section 131. In the present case, the husbands of the assessees made statements during search operations that the total investment in constructing the house property was Rs. 15 lakhs, though only Rs. 7 lakhs was accounted for. The assessees reiterated this fact on 03.05.1999. Such statements are presumed true unless the assessees plead that they were obtained forcibly, by coercion, or undue influence. The burden lies on the assessees to establish that the admission is incorrect or wrong. As the assessees failed to discharge this burden, the Tribunal rightly set aside the order passed by the CIT (Appeals), deciding against the assessees.
The High Court held that statements recorded u/s 132(4) of the Income Tax Act, 1961, are admissible evidence u/s 158BD read with Section 3 of the Indian Evidence Act, 1872, and Section 131. In the present case, the husbands of the assessees made statements during search operations that the total investment in constructing the house property was Rs. 15 lakhs, though only Rs. 7 lakhs was accounted for. The assessees reiterated this fact on 03.05.1999. Such statements are presumed true unless the assessees plead that they were obtained forcibly, by coercion, or undue influence. The burden lies on the assessees to establish that the admission is incorrect or wrong. As the assessees failed to discharge this burden, the Tribunal rightly set aside the order passed by the CIT (Appeals), deciding against the assessees.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
