Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
The ITAT Mumbai ruled on the reopening of assessment u/s 147 beyond four years and disallowance of deduction u/s 10(38) for alleged bogus LTCG. The Tribunal held that as the Assessee had fully disclosed material facts, the reopening was unjustified. Regarding addition u/s 68 for shares purchased off-market and later sold online, the Tribunal found no evidence of wrongdoing by the Assessee or the broker. The Assessee provided relevant documents and the AO did not question their authenticity. Citing a precedent, the Tribunal allowed the deduction u/s 10(38) as the shares were legitimately traded on the stock exchange. The decision favored the Assessee.
The ITAT Mumbai ruled on the reopening of assessment u/s 147 beyond four years and disallowance of deduction u/s 10(38) for alleged bogus LTCG. The Tribunal held that as the Assessee had fully disclosed material facts, the reopening was unjustified. Regarding addition u/s 68 for shares purchased off-market and later sold online, the Tribunal found no evidence of wrongdoing by the Assessee or the broker. The Assessee provided relevant documents and the AO did not question their authenticity. Citing a precedent, the Tribunal allowed the deduction u/s 10(38) as the shares were legitimately traded on the stock exchange. The decision favored the Assessee.
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