Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
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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