Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Bogus LTCG - exemption u/s 10(38) denied - The AO contended that the LTCG was undisclosed income arising from alleged manipulation in penny stocks. However, the assessee provided substantial evidence, including contract notes and transaction statements, to support the genuine nature of the investment. Relying on established precedents and the evidence presented, the Tribunal upheld the assessee's claim, thus deleting the LTCG addition. Consequently, as the commission disallowance was contingent upon the LTCG addition, it was also revoked by the Tribunal.
Bogus LTCG - exemption u/s 10(38) denied - The AO contended that the LTCG was undisclosed income arising from alleged manipulation in penny stocks. However, the assessee provided substantial evidence, including contract notes and transaction statements, to support the genuine nature of the investment. Relying on established precedents and the evidence presented, the Tribunal upheld the assessee's claim, thus deleting the LTCG addition. Consequently, as the commission disallowance was contingent upon the LTCG addition, it was also revoked by the Tribunal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
