Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
The Assessee, a regular investor in shares, made investments and sold a particular script when prices were high, resulting in Long Term Capital Gains (LTCG). The Assessing Officer (AO) treated the LTCG as bogus and made an addition u/s 68, relying solely on the report and statements recorded by the Investigating Wing, without conducting an independent inquiry or corroborating the evidence. The ITAT held that merely identifying a script as a penny stock does not render all transactions in it as bogus. The Assessee had produced documents showing genuine transactions, and there was no adverse report from SEBI or other authorities against the script. The AO erred in denying the Assessee's request for cross-examination of the person alleging accommodation entries through LTCG. The ITAT ruled in favor of the Assessee, emphasizing the need for an independent inquiry by the AO and corroboration of evidence from other sources before treating transactions as bogus.
The Assessee, a regular investor in shares, made investments and sold a particular script when prices were high, resulting in Long Term Capital Gains (LTCG). The Assessing Officer (AO) treated the LTCG as bogus and made an addition u/s 68, relying solely on the report and statements recorded by the Investigating Wing, without conducting an independent inquiry or corroborating the evidence. The ITAT held that merely identifying a script as a penny stock does not render all transactions in it as bogus. The Assessee had produced documents showing genuine transactions, and there was no adverse report from SEBI or other authorities against the script. The AO erred in denying the Assessee's request for cross-examination of the person alleging accommodation entries through LTCG. The ITAT ruled in favor of the Assessee, emphasizing the need for an independent inquiry by the AO and corroboration of evidence from other sources before treating transactions as bogus.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
