Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
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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