Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
The ITAT Mumbai addressed the issue of addition u/s 68 regarding penny stock transactions. The genuineness of share transactions was questioned, with the assessee claiming to be an investor supported by evidence such as financials, share price trends, and company existence. The AO doubted the transactions but failed to prove unaccounted money. The assessee's regular investment pattern through registered brokers, STT payments, and banking channel transactions were highlighted. Lack of AO's independent investigation and reliance on statements were noted. The Tribunal overturned the CIT(A)'s decision, directing deletion of additions u/s 68 & 69C in favor of the assessee, emphasizing the substantiated nature of the share transactions.
The ITAT Mumbai addressed the issue of addition u/s 68 regarding penny stock transactions. The genuineness of share transactions was questioned, with the assessee claiming to be an investor supported by evidence such as financials, share price trends, and company existence. The AO doubted the transactions but failed to prove unaccounted money. The assessee's regular investment pattern through registered brokers, STT payments, and banking channel transactions were highlighted. Lack of AO's independent investigation and reliance on statements were noted. The Tribunal overturned the CIT(A)'s decision, directing deletion of additions u/s 68 & 69C in favor of the assessee, emphasizing the substantiated nature of the share transactions.
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