Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
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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