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 Order, finding the appellant to be a recipient and parking point of proceeds of crime rather than a bona fide trader. The Tribunal held that corroborative evidence - including bank records, the statement under s.50(2) and absence of delivery, trade licence, mining lease or Ravana documents - established receipt of advance payments for mineral supply that never occurred and absence of lawful extraction/royalty compliance. The AT further held that naming as an accused in the charge-sheet was unnecessary for attachment where property constitutes proceeds of crime. No reversible error was found in the impugned order and interference was refused.
The AT dismissed the appeal and upheld the Provisional Attachment Order, finding the appellant to be a recipient and parking point of proceeds of crime rather than a bona fide trader. The Tribunal held that corroborative evidence - including bank records, the statement under s.50(2) and absence of delivery, trade licence, mining lease or Ravana documents - established receipt of advance payments for mineral supply that never occurred and absence of lawful extraction/royalty compliance. The AT further held that naming as an accused in the charge-sheet was unnecessary for attachment where property constitutes proceeds of crime. No reversible error was found in the impugned order and interference was refused.
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