Necessary Documents should be filed to prove bonafide intention when money received from overseas

Brief of the Case

ITAT Kolkata held In the case of Sri Som Dutt v ACIT  that whenever, the money has been received from overseas, then the onus is on the Assessee to prove that all the transactions are bonafide when he is claiming that the amount has been received as Capital Receipt. Also, by not completing all the formalities i.e. filing of proper and genuine documents related to the transaction will render the whole amount as Taxable.

Facts of th

Please become a Premium member. If you are already a Premium member, login here to access the full content.