Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Loose sheets recovered in search can carry evidentiary value in income-tax proceedings when they contain contemporaneous transaction details and are fairly corroborated; the statutory presumption against the assessee applied, and a bare denial that the entries were not in the assessee's handwriting was insufficient to rebut it, so the additions based on undisclosed investment were sustained. Excess jewellery claimed as business stock failed on facts because neither the accounts nor wealth-tax returns showed it as stock-in-trade, so it was treated as undisclosed investment. Telescoping of unexplained cash was disallowed because the source of the cash was not satisfactorily established. The Tribunal's common order was upheld and the appeals were dismissed.
Loose sheets recovered in search can carry evidentiary value in income-tax proceedings when they contain contemporaneous transaction details and are fairly corroborated; the statutory presumption against the assessee applied, and a bare denial that the entries were not in the assessee's handwriting was insufficient to rebut it, so the additions based on undisclosed investment were sustained. Excess jewellery claimed as business stock failed on facts because neither the accounts nor wealth-tax returns showed it as stock-in-trade, so it was treated as undisclosed investment. Telescoping of unexplained cash was disallowed because the source of the cash was not satisfactorily established. The Tribunal's common order was upheld and the appeals were dismissed.
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