Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
AT upheld insider trading charges against appellants for violating PIT Regulations through trading in Biocon securities while possessing UPSI. Appellant 1 was deemed a 'connected person' under Regulation 2(1)(g)(i) due to close association with company KMPs during CIMAB licensing negotiations and Biocon-Sandoz deal period. Appellant 2 was classified as connected under Regulation 2(1)(d)(i). The tribunal applied preponderance of probability test, noting suspicious trading patterns during UPSI period and frequent communications with senior management. Despite circumstantial evidence, appellants' close involvement with KMPs handling sensitive cross-border deals established insider status. Penalties and market trading restrictions maintained.
AT upheld insider trading charges against appellants for violating PIT Regulations through trading in Biocon securities while possessing UPSI. Appellant 1 was deemed a 'connected person' under Regulation 2(1)(g)(i) due to close association with company KMPs during CIMAB licensing negotiations and Biocon-Sandoz deal period. Appellant 2 was classified as connected under Regulation 2(1)(d)(i). The tribunal applied preponderance of probability test, noting suspicious trading patterns during UPSI period and frequent communications with senior management. Despite circumstantial evidence, appellants' close involvement with KMPs handling sensitive cross-border deals established insider status. Penalties and market trading restrictions maintained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
