Précis: This is a classic net worth case where Mr. Boroumand reported aggregate income of roughly $40,000 in the years 2003 to 2007 and was reassessed for additional amounts totalling roughly $3.7 million for the same taxation years. The Tax Court decision dismissing his appeal was blogged earlier on this site. In the Federal Court of Appeal Mr. Boroumand was unsuccessful in arguing that the Tax Court Judge should have admitted hearsay evidence of money transfers, holding that the evidence was too inherently unreliable to meet the business records exception to the hearsay rule.
Boroumand v. R. - FCA: Rejection of hearsay evidence by Tax Court reasonable - appeal dismissedREAD MORE »