Proceeds of crime: provisional attachment confirmed; equivalent value attachment and acquisition date fair market value upheld, Covid exclusion preser...
Effective service requirement: officers must explore alternative service modes beyond the GST portal and afford personal hearing; non-compliance voids...
Addition under Section 68 alleging unexplained share capital and share premium was contested on grounds of identity, creditworthiness and genuineness of subscribers; court accepted traceability via bank records and Section 133(6) responses, finding subscribers to be taxpayers and creditworthy, and therefore rejected characterization as phantom investors. The prospective proviso to Section 68 (Finance Act, 2012) was held inapplicable for the relevant assessment year, so the "source of source" and "origin of origin" doctrines were not applied. Allegations of money laundering or roundtripping lacked specific corroborative evidence showing a live link to the assessee; Tribunal findings for the assessee were upheld.
Addition under Section 68 alleging unexplained share capital and share premium was contested on grounds of identity, creditworthiness and genuineness of subscribers; court accepted traceability via bank records and Section 133(6) responses, finding subscribers to be taxpayers and creditworthy, and therefore rejected characterization as phantom investors. The prospective proviso to Section 68 (Finance Act, 2012) was held inapplicable for the relevant assessment year, so the "source of source" and "origin of origin" doctrines were not applied. Allegations of money laundering or roundtripping lacked specific corroborative evidence showing a live link to the assessee; Tribunal findings for the assessee were upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
