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...
AT upheld provisional attachment and dismissed the appeal, finding that appellant A's transfers to close relatives and cash investments could not be explained as legitimate savings and were largely derived from proceeds of crime connected to misappropriation of government funds. The Tribunal accepted respondents' computation that investments in healthcare infrastructure and capital subscriptions to M/s Pulse Sanjeevani Healthcare Pvt. Ltd. were financed predominantly by illicit funds, with bank loans insufficient to account for the outlays. Appellant P's unexplained cash deposits (≈Rs.73.81 lakhs), high-premium insurance payments and routing of cash through relatives (including B and C) evidenced money-laundering; seizure of cash corroborated involvement. No error found in the impugned order.
AT upheld provisional attachment and dismissed the appeal, finding that appellant A's transfers to close relatives and cash investments could not be explained as legitimate savings and were largely derived from proceeds of crime connected to misappropriation of government funds. The Tribunal accepted respondents' computation that investments in healthcare infrastructure and capital subscriptions to M/s Pulse Sanjeevani Healthcare Pvt. Ltd. were financed predominantly by illicit funds, with bank loans insufficient to account for the outlays. Appellant P's unexplained cash deposits (≈Rs.73.81 lakhs), high-premium insurance payments and routing of cash through relatives (including B and C) evidenced money-laundering; seizure of cash corroborated involvement. No error found in the impugned order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
