Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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.
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