Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
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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