Fraudulently obtained SEIS scrips cannot support customs exemption; recovery, confiscation and penalties were sustained, but employee penalty fell awa...
Unexplained credit claims for a spousal gift were not accepted on the record because the assessee failed to produce contemporaneous bank statements or a clear mode of transfer and material discrepancies existed in the donor's tax schedules; the AO lacked effective opportunity to verify late-disclosed details. Applying the prima facie onus for unexplained credits, the Tribunal remitted the matter to the jurisdictional AO for fresh adjudication and directed the assessee to furnish complete documentary evidence and permitted factual verification before any addition is made.
Unexplained credit claims for a spousal gift were not accepted on the record because the assessee failed to produce contemporaneous bank statements or a clear mode of transfer and material discrepancies existed in the donor's tax schedules; the AO lacked effective opportunity to verify late-disclosed details. Applying the prima facie onus for unexplained credits, the Tribunal remitted the matter to the jurisdictional AO for fresh adjudication and directed the assessee to furnish complete documentary evidence and permitted factual verification before any addition is made.
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