Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
Long-term capital gains on share transactions were accepted as genuine where the assessee produced complete documentary evidence of purchase, amalgamation, dematerialisation, stock exchange sale, STT payment, broker records and banking receipts. The Tribunal held that such direct evidence discharged the burden of proof, and that suspicion, price movement and general human probabilities could not override it without independent inquiry or contrary material linking the assessee to an entry operator or rigging arrangement. As the share sale was treated as genuine, the consequential addition for alleged accommodation-entry commission under section 69C also failed and was deleted.
Long-term capital gains on share transactions were accepted as genuine where the assessee produced complete documentary evidence of purchase, amalgamation, dematerialisation, stock exchange sale, STT payment, broker records and banking receipts. The Tribunal held that such direct evidence discharged the burden of proof, and that suspicion, price movement and general human probabilities could not override it without independent inquiry or contrary material linking the assessee to an entry operator or rigging arrangement. As the share sale was treated as genuine, the consequential addition for alleged accommodation-entry commission under section 69C also failed and was deleted.
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