Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Remittances to Indian NRE accounts were held explained where the assessee produced tax residency certificates, foreign tax returns, bank statements and Indian account records showing long-standing foreign income and accumulated savings. The Tribunal found that the funds were transferred through banking channels with a direct nexus to the foreign bank account, so the explanation could not be rejected merely for non-compliance at assessment stage or for comparing remittances with the wrong income period. Because the remittances were satisfactorily explained, the linked investment in immovable property was also not treated as unexplained. The additions under section 69 were deleted.
Remittances to Indian NRE accounts were held explained where the assessee produced tax residency certificates, foreign tax returns, bank statements and Indian account records showing long-standing foreign income and accumulated savings. The Tribunal found that the funds were transferred through banking channels with a direct nexus to the foreign bank account, so the explanation could not be rejected merely for non-compliance at assessment stage or for comparing remittances with the wrong income period. Because the remittances were satisfactorily explained, the linked investment in immovable property was also not treated as unexplained. The additions under section 69 were deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
