Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Treatment of a negative cash balance as income from unexplained sources was upheld because the taxpayer failed to prove that alleged cash gifts had a verifiable donor source. The court applied the principle that cash gifts require independent evidence of the donor's capacity and source of funds; self signed receipts and a post hoc declaration were insufficient. Inconsistent statements about the donor and absence of the donor's tax filings or other corroboration undermined credibility, leading to rejection of the gift claim and endorsement of the unexplained cash balance being taxed as income.
Treatment of a negative cash balance as income from unexplained sources was upheld because the taxpayer failed to prove that alleged cash gifts had a verifiable donor source. The court applied the principle that cash gifts require independent evidence of the donor's capacity and source of funds; self signed receipts and a post hoc declaration were insufficient. Inconsistent statements about the donor and absence of the donor's tax filings or other corroboration undermined credibility, leading to rejection of the gift claim and endorsement of the unexplained cash balance being taxed as income.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
