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Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Addition u/s 68 r.w.s. 115BBE - Bogus LTCG - The Tribunal examined the transactions and found that the entire addition made by the Assessing Officer was based on surmises and conjectures. It emphasized that there was no evidence to support the characterization of the transactions as sham or bogus. Referring to precedent and the circumstances of the case, the Tribunal concluded that the addition made by the Assessing Officer was not sustainable.
Addition u/s 68 r.w.s. 115BBE - Bogus LTCG - The Tribunal examined the transactions and found that the entire addition made by the Assessing Officer was based on surmises and conjectures. It emphasized that there was no evidence to support the characterization of the transactions as sham or bogus. Referring to precedent and the circumstances of the case, the Tribunal concluded that the addition made by the Assessing Officer was not sustainable.
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