Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Undisclosed foreign investments in Dubai and Singapore were held unsubstantiated because the assessee failed to produce confirmations or reliable proof of the named lenders and source of funds; therefore the CIT(A)'s acceptance of disclosure was reversed. The tribunal reasoned that book entries alone did not establish the nature or origin of the investments and directed the assessing officer to require confirmations from the two foreign entities and satisfy himself on source and nature of funds. The tribunal also held that compounding of foreign exchange offences does not relieve the assessee from incometax or Black Money Act consequences, and remanded the matter for fresh inquiry.
Undisclosed foreign investments in Dubai and Singapore were held unsubstantiated because the assessee failed to produce confirmations or reliable proof of the named lenders and source of funds; therefore the CIT(A)'s acceptance of disclosure was reversed. The tribunal reasoned that book entries alone did not establish the nature or origin of the investments and directed the assessing officer to require confirmations from the two foreign entities and satisfy himself on source and nature of funds. The tribunal also held that compounding of foreign exchange offences does not relieve the assessee from incometax or Black Money Act consequences, and remanded the matter for fresh inquiry.
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