Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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The Appellate Tribunal upheld the addition u/s 68 for alleged bogus Long Term Capital Gains due to off-market cash purchase of shares. The taxpayer's claim for deduction u/s 10(38) was disallowed as the purchase payments lacked verifiable proof through normal banking channels. Despite holding the shares for over a year and paying STT on sale, the exemption was denied due to unverifiable cash purchases. The Tribunal found the transactions suspicious, considering the lack of credible documentation and the taxpayer's atypical share investment behavior. The decision affirmed the CIT(A)'s ruling against the taxpayer, emphasizing the need for proper sourcing evidence in such cases.
The Appellate Tribunal upheld the addition u/s 68 for alleged bogus Long Term Capital Gains due to off-market cash purchase of shares. The taxpayer's claim for deduction u/s 10(38) was disallowed as the purchase payments lacked verifiable proof through normal banking channels. Despite holding the shares for over a year and paying STT on sale, the exemption was denied due to unverifiable cash purchases. The Tribunal found the transactions suspicious, considering the lack of credible documentation and the taxpayer's atypical share investment behavior. The decision affirmed the CIT(A)'s ruling against the taxpayer, emphasizing the need for proper sourcing evidence in such cases.
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