Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
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...
The Tribunal held that the objection of the assessee regarding low tax effect was not sustainable. The addition made u/s 68 for bogus LTCG and unexplained cash credits involved penny stocks. The Tribunal cannot determine if a share is a penny stock, which is decided by BSE or investigation agencies. The transaction involved shares identified as penny stocks by the Investigation Directorate. The Tribunal found no merit in the objections raised by the assessee and dismissed the request to recall the order. The power u/s 254(2) cannot be used to review the order on its merits. The assessee's application is dismissed, citing judicial discipline and referring to a decision by the Supreme Court.
The Tribunal held that the objection of the assessee regarding low tax effect was not sustainable. The addition made u/s 68 for bogus LTCG and unexplained cash credits involved penny stocks. The Tribunal cannot determine if a share is a penny stock, which is decided by BSE or investigation agencies. The transaction involved shares identified as penny stocks by the Investigation Directorate. The Tribunal found no merit in the objections raised by the assessee and dismissed the request to recall the order. The power u/s 254(2) cannot be used to review the order on its merits. The assessee's application is dismissed, citing judicial discipline and referring to a decision by the Supreme Court.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
