Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
