Money laundering property attachment and third-party encumbrance rights clarified; prior bona fide interests enforceable before confiscation, appeals ...
Profiteering in construction services for failure to pass input tax credit resulted in repayment exceeding the commensurate benefit and closure of pro...
Contemporaneous documentary evidence showing preferential allotment/allotment letters, demat holdings, exchange contract notes, STT payment and banked sale proceeds defeats treatment of receipts as unexplained credit and related commission additions where the tax authority lacks fresh, year specific tangible material linking the transactions to third party entry operators. The legal principle applied requires the assessing officer to bring year relevant evidence of collusion or nexus to sustain a finding of sham or accommodation entries; prior year suspicions or third party statements recorded before the sales are insufficient. Consequently, additions treating genuine share purchases and sales as bogus were reversed for the year under appeal.
Contemporaneous documentary evidence showing preferential allotment/allotment letters, demat holdings, exchange contract notes, STT payment and banked sale proceeds defeats treatment of receipts as unexplained credit and related commission additions where the tax authority lacks fresh, year specific tangible material linking the transactions to third party entry operators. The legal principle applied requires the assessing officer to bring year relevant evidence of collusion or nexus to sustain a finding of sham or accommodation entries; prior year suspicions or third party statements recorded before the sales are insufficient. Consequently, additions treating genuine share purchases and sales as bogus were reversed for the year under appeal.
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