Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
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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