Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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The Appellate Tribunal upheld the addition u/s 68 as the assessee failed to prove the genuineness of LTCG claimed u/s 10(38). The AO found discrepancies in off-market share purchases, delay in dematerialization, and pooling shares with broker. Despite STT payment, the SC ruling highlighted manipulative transactions. The assessee couldn't explain the adverse evidence, leading to confirmation of AO's findings. The onus to prove genuineness wasn't met, making the LTCG claim a facade. The addition was upheld as the assessee failed to establish the credit entry's genuineness. The entire sale consideration wasn't added u/s 68, but the LTCG claim was deemed sham. Decision favored the Revenue due to lack of evidence from the assessee.
The Appellate Tribunal upheld the addition u/s 68 as the assessee failed to prove the genuineness of LTCG claimed u/s 10(38). The AO found discrepancies in off-market share purchases, delay in dematerialization, and pooling shares with broker. Despite STT payment, the SC ruling highlighted manipulative transactions. The assessee couldn't explain the adverse evidence, leading to confirmation of AO's findings. The onus to prove genuineness wasn't met, making the LTCG claim a facade. The addition was upheld as the assessee failed to establish the credit entry's genuineness. The entire sale consideration wasn't added u/s 68, but the LTCG claim was deemed sham. Decision favored the Revenue due to lack of evidence from the assessee.
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