Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Reopening of assessment u/s 147 - Exemption of dividend income and the allowability of short-term capital loss - The Tribunal ruled in favor of the appellant, quashing the reassessment proceedings on the grounds of improper approval and lapse of the prescribed time period. - Regarding the exemption of dividend income and the allowability of short-term capital loss, the Tribunal found the appellant's transactions to be genuine and based on publicly available information. It concluded that the appellant fulfilled the conditions specified in the Income Tax Act, making them eligible for the claimed exemptions. Therefore, the disallowance of exemption for dividend income and the denial of the short-term capital loss claimed were overturned.
Reopening of assessment u/s 147 - Exemption of dividend income and the allowability of short-term capital loss - The Tribunal ruled in favor of the appellant, quashing the reassessment proceedings on the grounds of improper approval and lapse of the prescribed time period. - Regarding the exemption of dividend income and the allowability of short-term capital loss, the Tribunal found the appellant's transactions to be genuine and based on publicly available information. It concluded that the appellant fulfilled the conditions specified in the Income Tax Act, making them eligible for the claimed exemptions. Therefore, the disallowance of exemption for dividend income and the denial of the short-term capital loss claimed were overturned.
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