The Bombay high court has recently quashed an order passed by the Income-tax Appellate Tribunal (ITAT), which had upheld addition of ‘unaccounted income’ of Rs. 90 lakh in the hands of Naresh Manakchand Jain, who was purported to be engaged in rigging of prices of a few select scrips and in money laundering by providing bogus entries – such as of tax exempt long term capital gains, to other parties. The main reasons for quashing the order was that the ITAT’s order was passed ex-parte (without giving an opportunity to Jain of being heard).
- News Source Indiatimes (Click to view full news): CLICK HERE
0 Comments:
Leave a Reply