ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
The AT dismissed the appeal and upheld the provisional attachment orders. The Tribunal found the appellants failed to disclose the source of funds for property acquisitions, discredited their witness-statements and uncorroborated explanations, and determined agricultural receipts and firm income could not account for the purchases. The AT accepted the enforcement analysis of declared income and banking transactions, including use of third-party accounts to funnel cash, and concluded proceeds of crime were either not traceable or vanished; accordingly, properties of equivalent value, including some acquired prior to the predicate acts, were lawfully provisionally attached as "proceeds of crime." The challenge to linkage with the alleged predicate offence and related notifications was rejected. Appeal dismissed.
The AT dismissed the appeal and upheld the provisional attachment orders. The Tribunal found the appellants failed to disclose the source of funds for property acquisitions, discredited their witness-statements and uncorroborated explanations, and determined agricultural receipts and firm income could not account for the purchases. The AT accepted the enforcement analysis of declared income and banking transactions, including use of third-party accounts to funnel cash, and concluded proceeds of crime were either not traceable or vanished; accordingly, properties of equivalent value, including some acquired prior to the predicate acts, were lawfully provisionally attached as "proceeds of crime." The challenge to linkage with the alleged predicate offence and related notifications was rejected. Appeal dismissed.
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