Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Validity of reopening of assessment u/s 147 - addition made on account of unexplained money u/s 69A - as alleged consideration was obtained by the assessee from the secondary market out of artificial price rigging of shares of KAFL in connivance with the entry operators - off market purchase of shares - The ITAT held that, merely because a particular scrip is identified as a penny stock by the income tax department, it does not mean all the transactions carried out in that scrip would be bogus. - The transactions of sale of shares were done in online platform of BSE through the registered share broker from whom the received the sale consideration. - Finally ITAT held that, the findings of AO are based on suspicion, surmises and hearsay. It is trite law that the suspicion howsoever strong cannot partake the character of legal evidence.
Validity of reopening of assessment u/s 147 - addition made on account of unexplained money u/s 69A - as alleged consideration was obtained by the assessee from the secondary market out of artificial price rigging of shares of KAFL in connivance with the entry operators - off market purchase of shares - The ITAT held that, merely because a particular scrip is identified as a penny stock by the income tax department, it does not mean all the transactions carried out in that scrip would be bogus. - The transactions of sale of shares were done in online platform of BSE through the registered share broker from whom the received the sale consideration. - Finally ITAT held that, the findings of AO are based on suspicion, surmises and hearsay. It is trite law that the suspicion howsoever strong cannot partake the character of legal evidence.
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