Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The Appellate Tribunal addressed the issue of alleged bogus long-term capital gain u/s 10(38) concerning a transaction involving shares of a company flagged as a penny stock by the Investigation Wing. The Tribunal noted that the denial of benefit solely relied on the investigation report without evidence of collusion between the broker and the taxpayer. The absence of cross-examination opportunity for the taxpayer on crucial statements was also highlighted. Referring to a High Court ruling, the Tribunal emphasized the importance of proving the genuineness of share transactions through documented evidence. Consequently, the Tribunal upheld the lower authority's decision to grant the taxpayer the benefit of section 10(38) and dismissed the Revenue's appeal for lacking merit.
The Appellate Tribunal addressed the issue of alleged bogus long-term capital gain u/s 10(38) concerning a transaction involving shares of a company flagged as a penny stock by the Investigation Wing. The Tribunal noted that the denial of benefit solely relied on the investigation report without evidence of collusion between the broker and the taxpayer. The absence of cross-examination opportunity for the taxpayer on crucial statements was also highlighted. Referring to a High Court ruling, the Tribunal emphasized the importance of proving the genuineness of share transactions through documented evidence. Consequently, the Tribunal upheld the lower authority's decision to grant the taxpayer the benefit of section 10(38) and dismissed the Revenue's appeal for lacking merit.
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