Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
The ITAT ruled in favor of the assessee, allowing the loss incurred in stock option transactions. The Assessing Officer (AO) had disallowed the loss, alleging that the options were sold at unreasonably low prices, even below their intrinsic value. However, the ITAT observed that the AO's conclusion was based solely on conjecture without any corroborative evidence. The assessee had provided contract notes and ledger accounts proving the transactions were conducted through the Bombay Stock Exchange (BSE). Despite this, the revenue authorities neither rebutted nor challenged the authenticity of the submitted documents. The assessee discharged their burden of proof, and the onus shifted to the revenue authorities, who failed to bring any comparative data or evidence to substantiate their claims. Consequently, the ITAT set aside the impugned appellate order and deleted the addition, deciding in favor of the assessee.
The ITAT ruled in favor of the assessee, allowing the loss incurred in stock option transactions. The Assessing Officer (AO) had disallowed the loss, alleging that the options were sold at unreasonably low prices, even below their intrinsic value. However, the ITAT observed that the AO's conclusion was based solely on conjecture without any corroborative evidence. The assessee had provided contract notes and ledger accounts proving the transactions were conducted through the Bombay Stock Exchange (BSE). Despite this, the revenue authorities neither rebutted nor challenged the authenticity of the submitted documents. The assessee discharged their burden of proof, and the onus shifted to the revenue authorities, who failed to bring any comparative data or evidence to substantiate their claims. Consequently, the ITAT set aside the impugned appellate order and deleted the addition, deciding in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
