Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
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Addition u/s 68 - Bogus LTCG - Penny stock transactions - The Tribunal found that the assessee had provided sufficient documentary evidence supporting the genuineness of the transactions, including purchase and sale of shares through the Bombay Stock Exchange (BSE), payment through banking channels, and compliance with regulatory requirements (like STT). - ITAT noted that the AO primarily relied on a general report by the Kolkata Investigation wing and failed to connect the assessee or their transactions directly to any alleged manipulation of share prices. Additionally, SEBI did not find any wrongdoing on the part of the assessee or their broker. - Given the genuineness of the LTCG transactions was established, the Tribunal agreed with the CIT(A)'s decision to delete the addition.
Addition u/s 68 - Bogus LTCG - Penny stock transactions - The Tribunal found that the assessee had provided sufficient documentary evidence supporting the genuineness of the transactions, including purchase and sale of shares through the Bombay Stock Exchange (BSE), payment through banking channels, and compliance with regulatory requirements (like STT). - ITAT noted that the AO primarily relied on a general report by the Kolkata Investigation wing and failed to connect the assessee or their transactions directly to any alleged manipulation of share prices. Additionally, SEBI did not find any wrongdoing on the part of the assessee or their broker. - Given the genuineness of the LTCG transactions was established, the Tribunal agreed with the CIT(A)'s decision to delete the addition.
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