Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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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