Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
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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