Profiteering in construction services for failure to pass input tax credit resulted in repayment exceeding the commensurate benefit and closure of pro...
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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