Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Circumstantial evidence of routed bank credits, cash deposits before registration, and unexplained transferors' funds was sufficient to establish a prima facie benami transaction in immovable properties. The appellants failed to show an independent source of consideration for the purchases, and their disclosed income was inadequate to fund the acquisitions. Statements under the PMLA and surrounding material supported accommodation entries and cash repayment arrangements. Even without reliance on the alleged beneficial owner's role, the benami case survived because the benamidars themselves could not explain the source of funds. The provisional attachment was therefore sustained and the appeals were dismissed.
Circumstantial evidence of routed bank credits, cash deposits before registration, and unexplained transferors' funds was sufficient to establish a prima facie benami transaction in immovable properties. The appellants failed to show an independent source of consideration for the purchases, and their disclosed income was inadequate to fund the acquisitions. Statements under the PMLA and surrounding material supported accommodation entries and cash repayment arrangements. Even without reliance on the alleged beneficial owner's role, the benami case survived because the benamidars themselves could not explain the source of funds. The provisional attachment was therefore sustained and the appeals were dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
