Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
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...
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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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