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High court quashes ITAT order in money laundering case
The Bombay High Court has overturned an ITAT order that upheld the additional "unaccounted income" as taxable for an individual accused of stock rigging. The court found that the tribunal had exceeded its authority and quashed the orders on technical grounds. The court directed the ITAT to hear the matter again. The ITAT had previously referred to the individual as a kingpin and directed the income-tax official to provide details of over 30,000 individuals and entities involved in the scheme to various regulatory authorities.
The Bombay High Court has overturned an ITAT order that upheld the additional "unaccounted income" as taxable for an individual accused of stock rigging. The court found that the tribunal had exceeded its authority and quashed the orders on technical grounds. The court directed the ITAT to hear the matter again. The ITAT had previously referred to the individual as a kingpin and directed the income-tax official to provide details of over 30,000 individuals and entities involved in the scheme to various regulatory authorities. 
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