Arrest safeguards and transit remand requirements invalidated detention following inter-State transfer without communicated grounds or magistrate auth...
Arrest safeguards require disclosed grounds, relative intimation and transit remand, while duplicate prosecution under the CGST framework is unsustain...
Document Identification Number defects can invalidate GST assessments, with delayed challenges entertained conditionally where patent irregularities e...
Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
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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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