Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
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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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