Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
Estimation of profit element in non-genuine purchases: the Tribunal held that the CIT(A) mechanically followed an earlier ITAT direction limiting disallowance without independently verifying factual parity between years or the effect of later binding precedents, and that subsequent authority criticises fixed-rate profit estimates where the assessee fails to prove genuineness. The impugned restriction was set aside and the matter remitted to the CIT(A) to re-adjudicate after affording the assessee a hearing, to apply relevant binding precedents and record a reasoned finding. The Revenue's appeal was allowed for statistical purposes and remand ordered.
Estimation of profit element in non-genuine purchases: the Tribunal held that the CIT(A) mechanically followed an earlier ITAT direction limiting disallowance without independently verifying factual parity between years or the effect of later binding precedents, and that subsequent authority criticises fixed-rate profit estimates where the assessee fails to prove genuineness. The impugned restriction was set aside and the matter remitted to the CIT(A) to re-adjudicate after affording the assessee a hearing, to apply relevant binding precedents and record a reasoned finding. The Revenue's appeal was allowed for statistical purposes and remand ordered.
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