Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
The ITAT dismissed the assessee's appeal, upholding the AO's disallowance of deductions claimed under ss. 80GGC/80GGB for donations to a registered unrecognized political party as bogus. The Tribunal accepted the AO's findings that the party's bank accounts were employed by an accommodation-entry operator, with cheque donations layered through multiple accounts and proceeds returned in cash, and that systematic transfers routed funds to a proprietor and onward to traders to legitimize illicit receipts and evade tax. In the absence of any new material or evidence to controvert the detailed enquiry and established transaction trail, the claimed deductions were held to be without merit and rejected.
The ITAT dismissed the assessee's appeal, upholding the AO's disallowance of deductions claimed under ss. 80GGC/80GGB for donations to a registered unrecognized political party as bogus. The Tribunal accepted the AO's findings that the party's bank accounts were employed by an accommodation-entry operator, with cheque donations layered through multiple accounts and proceeds returned in cash, and that systematic transfers routed funds to a proprietor and onward to traders to legitimize illicit receipts and evade tax. In the absence of any new material or evidence to controvert the detailed enquiry and established transaction trail, the claimed deductions were held to be without merit and rejected.
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