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2014 (1) TMI 27 - HC - Income TaxGenuineness of gift received in the form of IDBs - matter referred to larger bench with the following questions:- Whether the immunity provided to the bond holder of India Development Bond in US dollars, under Sections 6 and 7 of the Remittance of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act, 1991 which includes that no enquiry to be made from bond holder, regarding the source, is also available to gifts, which are found to be bogus gifts, routing the unaccounted money of the bond holder, through such bonds, by purchasing the bonds for consideration in India? Whether the view taken in the judgment Commissioner of Income Tax vs. Smt. Usha Omer [2011 (7) TMI 441 - Allahabad High Court], that no investigation can be allowed to be held pertaining to the India Development Bonds which were received from NRI's/overseas, Corporate Bodies as gifts is a correct view, in law?
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