https://www.taxtmi.com/caselaws?id=798196 Explained loan credits in foreign companies' bank accounts, supported by lenders' tax returns and bank statements, constitute liabilities rather than undisclosed foreign assets or income under the Black Money Act. Gross commission credits must be assessed after corresponding operating debits are considered; where those debits produce a net loss, no taxable surplus arises. On these principles, additions for the loan credits and gross commission, and the related penalty, lack a basis. en-us Thu, 06 Aug 2026 00:00:00 +0530 Thu, 03 Sep 2026 08:20:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798196 Explained loan credits in foreign companies' bank accounts, supported by lenders' tax returns and bank statements, constitute liabilities rather than undisclosed foreign assets or income under the Black Money Act. Gross commission credits must be assessed after corresponding operating debits are considered; where those debits produce a net loss, no taxable surplus arises. On these principles, additions for the loan credits and gross commission, and the related penalty, lack a basis. Case-Laws Income Tax Thu, 06 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798196