Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Challenge to seizure and retention of cash during search was considered on three dominant issues: whether a predicate offence for money laundering existed, whether reasons to believe and relied documents were furnished, and whether recorded admissions and bank/cash ledgers substantiated source of funds. The Tribunal concluded that the FIRs and investigations disclosed offences underpinning a predicate offence, that the reasons to believe and relied documents were served to the appellants, and that the appellants' explanations failed in view of withdrawal patterns, ledger entries, bank records described as licence receipts and recorded admissions; accordingly seizure and retention were upheld pending trial.
Challenge to seizure and retention of cash during search was considered on three dominant issues: whether a predicate offence for money laundering existed, whether reasons to believe and relied documents were furnished, and whether recorded admissions and bank/cash ledgers substantiated source of funds. The Tribunal concluded that the FIRs and investigations disclosed offences underpinning a predicate offence, that the reasons to believe and relied documents were served to the appellants, and that the appellants' explanations failed in view of withdrawal patterns, ledger entries, bank records described as licence receipts and recorded admissions; accordingly seizure and retention were upheld pending trial.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
