https://www.taxtmi.com/caselaws?id=786053 Undisclosed foreign investments in Dubai and Singapore were treated as unexplained because confirmations from the alleged lenders and documentary proof of source and nature of funds were not produced; entries in books alone were held insufficient. The appellate authority erred by accepting the assessee's explanation without findings on the independent operation of incometax and Black Money Act obligations and despite compounding under FEMA; compounding was held not to absolve tax or BMA liabilities. The matter is remitted to the assessing officer for verification of lender confirmations and proof of source of funds; appellate order reversed. en-us Tue, 30 Dec 2025 00:00:00 +0530 Thu, 05 Feb 2026 09:16:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786053 Undisclosed foreign investments in Dubai and Singapore were treated as unexplained because confirmations from the alleged lenders and documentary proof of source and nature of funds were not produced; entries in books alone were held insufficient. The appellate authority erred by accepting the assessee's explanation without findings on the independent operation of incometax and Black Money Act obligations and despite compounding under FEMA; compounding was held not to absolve tax or BMA liabilities. The matter is remitted to the assessing officer for verification of lender confirmations and proof of source of funds; appellate order reversed. Case-Laws Income Tax Tue, 30 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786053