Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
A retracted statement is not excluded merely because it is later withdrawn; it remains admissible if shown to be voluntary, the retraction is assessed on its own merits, and the reliance is supported by independent, cogent material. The Tribunal found no proof of coercion, accepted the statements recorded under FEMA as admissible, and held that liability did not rest on those statements alone. Seized notebooks, diaries, loose sheets, cash, and corroborating statements from others independently linked both appellants to the transaction, and the finding of contravention of Sections 3(b) and 3(c) of FEMA was upheld. The penalties were reduced, with the second appellant's pre-deposit adjusted against the reduced penalty.
A retracted statement is not excluded merely because it is later withdrawn; it remains admissible if shown to be voluntary, the retraction is assessed on its own merits, and the reliance is supported by independent, cogent material. The Tribunal found no proof of coercion, accepted the statements recorded under FEMA as admissible, and held that liability did not rest on those statements alone. Seized notebooks, diaries, loose sheets, cash, and corroborating statements from others independently linked both appellants to the transaction, and the finding of contravention of Sections 3(b) and 3(c) of FEMA was upheld. The penalties were reduced, with the second appellant's pre-deposit adjusted against the reduced penalty.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
