Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
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The ITAT Surat (Appellate Tribunal) considered an appeal regarding the addition u/s 68 for alleged bogus LTCG and unexplained cash credit. The appellant's claim for exemption u/s 10(38) in relation to surplus earned on the sale of shares held for the long term was rejected. The Tribunal held that the assessee conducted the share sale through BSE, paid security transaction tax, and there were no allegations against the share broker for price manipulation. Consequently, there was no justification for treating the LTCG as unexplained cash credit without cogent evidence. The decision favored the assessee.
The ITAT Surat (Appellate Tribunal) considered an appeal regarding the addition u/s 68 for alleged bogus LTCG and unexplained cash credit. The appellant's claim for exemption u/s 10(38) in relation to surplus earned on the sale of shares held for the long term was rejected. The Tribunal held that the assessee conducted the share sale through BSE, paid security transaction tax, and there were no allegations against the share broker for price manipulation. Consequently, there was no justification for treating the LTCG as unexplained cash credit without cogent evidence. The decision favored the assessee.
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