Disciplinary proportionality requires penalties for Authorised Representative misconduct to match proven harm, leading to reconsideration of registrat...
Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
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The ITAT held that merely huge profits from share transactions do not make the scrips penny stocks. Despite the financials being incommensurate with purchase/sale prices and characteristics of penny stocks existing, the Revenue failed to link the assessee to dubious transactions, price rigging or establish involvement as entry/exit provider. Absent any material against the assessee's role beyond being an investor for quick profits, the ITAT decided in the assessee's favor, overturning the AO's addition treating share gains as bogus u/s 68, which was based on presumptions and human probabilities without substantiation.
The ITAT held that merely huge profits from share transactions do not make the scrips penny stocks. Despite the financials being incommensurate with purchase/sale prices and characteristics of penny stocks existing, the Revenue failed to link the assessee to dubious transactions, price rigging or establish involvement as entry/exit provider. Absent any material against the assessee's role beyond being an investor for quick profits, the ITAT decided in the assessee's favor, overturning the AO's addition treating share gains as bogus u/s 68, which was based on presumptions and human probabilities without substantiation.
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