Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The AT examined the attachment of properties allegedly linked to proceeds of crime. The tribunal found no substantive evidence connecting the properties to criminal proceeds. The appellant demonstrated legitimate source of funds through sale of shares in 2009, receiving Rs. 18.87 crores. Properties at A-20 Kailash Colony were legally purchased from M/s Libra Realtors and M/s Dewan Realtors through registered deed in 2015, with full consideration paid via banking channels. The AT concluded the provisional attachment order was incorrectly issued, constituting potential double attachment. Consequently, the tribunal set aside the attachment order, allowing the appellant's appeal and rejecting the respondent's claims of proceeds of crime.
The AT examined the attachment of properties allegedly linked to proceeds of crime. The tribunal found no substantive evidence connecting the properties to criminal proceeds. The appellant demonstrated legitimate source of funds through sale of shares in 2009, receiving Rs. 18.87 crores. Properties at A-20 Kailash Colony were legally purchased from M/s Libra Realtors and M/s Dewan Realtors through registered deed in 2015, with full consideration paid via banking channels. The AT concluded the provisional attachment order was incorrectly issued, constituting potential double attachment. Consequently, the tribunal set aside the attachment order, allowing the appellant's appeal and rejecting the respondent's claims of proceeds of crime.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
