Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Reliance on hypothecation statement to determine taxable income was upheld where the hypothecation statement recorded quantities and values, was certified as reflecting books of account, and showed substantial unexplained discrepancies with bank records; the AO's notional addition was justified because inflated stock declarations to secure higher bank credit constituted commercially immoral conduct and admissible material. On appellate review, the HC found the Tribunal's affirmation rested on proper appreciation of the record and was neither perverse nor unsupported by evidence, therefore appellate interference was unwarranted and the addition sustained.
Reliance on hypothecation statement to determine taxable income was upheld where the hypothecation statement recorded quantities and values, was certified as reflecting books of account, and showed substantial unexplained discrepancies with bank records; the AO's notional addition was justified because inflated stock declarations to secure higher bank credit constituted commercially immoral conduct and admissible material. On appellate review, the HC found the Tribunal's affirmation rested on proper appreciation of the record and was neither perverse nor unsupported by evidence, therefore appellate interference was unwarranted and the addition sustained.
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