Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
ITAT upheld deletion of additions under s.10(3) of the BMA and associated penalties under ss.41/43, holding that contemporaneous documents and the assessee's un-retracted s.132(4) statement, corroborated by a third party's affidavit, balance sheets and correspondence found during search, established that credits in foreign entities' bank accounts were withdrawn solely by the third party and not by the assessee. The Tribunal applied the presumptions under s.132(4A) read with s.292C, found them unrebutted, and concluded the foreign companies were distinct legal entities; accordingly the bank account proceeds could not be taxed in the hands of the assessee. Other BMA challenges were left open as unnecessary.
ITAT upheld deletion of additions under s.10(3) of the BMA and associated penalties under ss.41/43, holding that contemporaneous documents and the assessee's un-retracted s.132(4) statement, corroborated by a third party's affidavit, balance sheets and correspondence found during search, established that credits in foreign entities' bank accounts were withdrawn solely by the third party and not by the assessee. The Tribunal applied the presumptions under s.132(4A) read with s.292C, found them unrebutted, and concluded the foreign companies were distinct legal entities; accordingly the bank account proceeds could not be taxed in the hands of the assessee. Other BMA challenges were left open as unnecessary.
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TaxTMI 
TaxTMI 
of 4915 
