Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
The HC dismissed the appellant's reference, holding its jurisdiction under the statutory scheme is confined to questions of law and it cannot reappraise findings of fact settled by the Adjudicating Authority and Appellate Tribunal. The court found no perversity in the impugned factual inferences, upheld admissibility and corroborative value of statements and seized material, and concluded the respondent agency lawfully exercised confiscation powers over Indian currency and contraband. The appellant failed to discharge the shifted evidential onus to prove lawful source or lack of intent to illegally procure foreign exchange; the conduct and recoveries established attempted contravention. Consequently, the adjudicatory and appellate orders were affirmed and the appeal dismissed.
The HC dismissed the appellant's reference, holding its jurisdiction under the statutory scheme is confined to questions of law and it cannot reappraise findings of fact settled by the Adjudicating Authority and Appellate Tribunal. The court found no perversity in the impugned factual inferences, upheld admissibility and corroborative value of statements and seized material, and concluded the respondent agency lawfully exercised confiscation powers over Indian currency and contraband. The appellant failed to discharge the shifted evidential onus to prove lawful source or lack of intent to illegally procure foreign exchange; the conduct and recoveries established attempted contravention. Consequently, the adjudicatory and appellate orders were affirmed and the appeal dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
