Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
Dominant issue 1: Whether unexplained "on-money" from sale of units could be added where search produced loose slips but no corroborative evidence. Reasoning: The tribunal applied the principle in Umacharan Shaw that suspicion cannot substitute evidence and found the AO and CIT(A) relied on assumptions without corroboration; consequence-all on-money additions for the two projects were deleted. Dominant issue 2: Whether deemed rent under s.23(5) is exigible for unsold units. Reasoning: s.23(5) mandates deemed rent after two years from building-use permission and contains no carve-out for pre-enactment projects; absence of evidence of actual letting justified estimate; consequence-the deemed rent addition at 3% was sustained and that ground dismissed. - ITAT
Dominant issue 1: Whether unexplained "on-money" from sale of units could be added where search produced loose slips but no corroborative evidence. Reasoning: The tribunal applied the principle in Umacharan Shaw that suspicion cannot substitute evidence and found the AO and CIT(A) relied on assumptions without corroboration; consequence-all on-money additions for the two projects were deleted. Dominant issue 2: Whether deemed rent under s.23(5) is exigible for unsold units. Reasoning: s.23(5) mandates deemed rent after two years from building-use permission and contains no carve-out for pre-enactment projects; absence of evidence of actual letting justified estimate; consequence-the deemed rent addition at 3% was sustained and that ground dismissed. - ITAT
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