In Disproportionate Assets Cases, Income Tax Returns Presumed To Be Accurate; Must Consider Inflation & Dynamic Factors : Supreme Court
2 months, 1 week ago

In Disproportionate Assets Cases, Income Tax Returns Presumed To Be Accurate; Must Consider Inflation & Dynamic Factors : Supreme Court

Live Law  

In a noteworthy ruling, the Supreme Court recently underscored that income tax returns filed by public servants in cases of alleged disproportionate assets should be presumed accurate and credible unless specifically contested or proven false. Quashing a disproportionate assets case against the former UP's Assistant Excise Commissioner, the Court called for a dynamic and nuanced approach while calculating assets/income over extended periods. Before the Supreme Court, the Appellant argued that the case did not involve disproportionate assets, as the combined income declared in the income tax returns of himself and his wife amounted to ₹1,21,06,268/-, exceeding the assets amounting to ₹1,16,02,669/- claimed by the department. If you duly consider the income tax returns of the Appellant and his wife for the check period of the year 1996-2020, the total income is coming up to be Rs.1,21,06,268/- which is in fact more than the assets amounting to Rs.1,16,02,669/- which is said to be the disproportionate assets in question under the present FIR.”, the court observed.

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History of this topic

Income Tax Returns May Not Be Accurate Guide To Determine Real Income Of Parties Engaged In Matrimonial Conflict : Supreme Court
2 years, 4 months ago

Income Tax Returns May Not Be Accurate Guide To Determine Real Income Of Parties Engaged In Matrimonial Conflict : Supreme Court

Live Law  

The Supreme Court observed that the income tax returns may not be an accurate guide of the real income of parties engaged in a matrimonial conflict.Family Court has to determine the real income on a holistic assessment of the evidence before it, the bench of Justices DY Chandrachud and Hima Kohli said.In this case, the Family Court ordered a Husband …

'Disproportionate assets' a vague concept
9 years, 10 months ago

'Disproportionate assets' a vague concept

The Hindu  

What constitutes disproportionate assets has been at the heart of many corruption cases in the past, and an appeal in the Supreme Court against the acquittal of the former Tamil Nadu Chief Minister Jayalalithaa and three others by the Karnataka High Court could settle the law on this question. In the Jayalalithaa case, the Karnataka High Court has taken a …

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