Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
The ITAT Surat held that disallowance of business loss on sale of securities as LTCG in penny stocks was unjustified. The AO failed to provide evidence of collusive transactions or falsity in the assessee's documents. Relying on SHAILESH S. SHAH, suspicion alone cannot warrant additions. Default by the broker does not prove wrongdoing; other evidence like purchase details, source explanation, STT payment, and banking transactions must be considered. Without concrete evidence, no disallowance can be made. The addition by AO was deleted, and the assessee's appeal was allowed.
The ITAT Surat held that disallowance of business loss on sale of securities as LTCG in penny stocks was unjustified. The AO failed to provide evidence of collusive transactions or falsity in the assessee's documents. Relying on SHAILESH S. SHAH, suspicion alone cannot warrant additions. Default by the broker does not prove wrongdoing; other evidence like purchase details, source explanation, STT payment, and banking transactions must be considered. Without concrete evidence, no disallowance can be made. The addition by AO was deleted, and the assessee's appeal was allowed.
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