Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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The assessee provided documentary evidence supporting the purchase and subsequent sale of shares leading to long-term capital gains (LTCG). The evidence included purchase bills, bank statements showing payment, demat account reflecting share holdings, online sale through a recognized broker with contract notes, and receipt of sale proceeds in the bank account. The Assessing Officer (AO) treated the LTCG as bogus based on statements from third parties involved in providing accommodation entries, denying exemption u/s 10(38). However, the AO failed to produce any incriminating material or evidence contradicting the assessee's documents. Mere uncorroborated statements from third parties cannot render a transaction bogus without cogent contrary evidence. Following judicial precedents, the Income Tax Appellate Tribunal (ITAT) held that the claim for LTCG exemption u/s 10(38) is valid, and the addition made by the AO was deleted. Consequently, the addition u/s 69C for alleged notional commission paid was also rejected.
The assessee provided documentary evidence supporting the purchase and subsequent sale of shares leading to long-term capital gains (LTCG). The evidence included purchase bills, bank statements showing payment, demat account reflecting share holdings, online sale through a recognized broker with contract notes, and receipt of sale proceeds in the bank account. The Assessing Officer (AO) treated the LTCG as bogus based on statements from third parties involved in providing accommodation entries, denying exemption u/s 10(38). However, the AO failed to produce any incriminating material or evidence contradicting the assessee's documents. Mere uncorroborated statements from third parties cannot render a transaction bogus without cogent contrary evidence. Following judicial precedents, the Income Tax Appellate Tribunal (ITAT) held that the claim for LTCG exemption u/s 10(38) is valid, and the addition made by the AO was deleted. Consequently, the addition u/s 69C for alleged notional commission paid was also rejected.
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