Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
Proceeds of crime: provisional attachment confirmed; equivalent value attachment and acquisition date fair market value upheld, Covid exclusion preser...
Dispute concerned additions to income under section 68 and section 56(2)(viib) alleging unexplained large share capital and excessive premium. Tribunal found that notices to lenders were duly issued and acknowledged and that lenders filed confirmations, so the file contained materials establishing the genuineness, identity and creditworthiness of creditors; this factual appreciation led to dismissal of the revenue's appeal. Non-appearance of directors under summons was noted but did not negate the documentary evidence confirming transactions.
Dispute concerned additions to income under section 68 and section 56(2)(viib) alleging unexplained large share capital and excessive premium. Tribunal found that notices to lenders were duly issued and acknowledged and that lenders filed confirmations, so the file contained materials establishing the genuineness, identity and creditworthiness of creditors; this factual appreciation led to dismissal of the revenue's appeal. Non-appearance of directors under summons was noted but did not negate the documentary evidence confirming transactions.
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