Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
ITAT upheld the disallowance of LTCG exemption claimed under section 10(38), determining the transactions constituted a predetermined scheme to introduce unaccounted income. The Tribunal found the assessee's 400% profit in 13 months from penny stock NCL Research was not genuine, noting the suspicious pattern of dormant scrip suddenly appreciating despite poor financial parameters. The synchronized buying and selling, coupled with investigations by Income Tax authorities and SEBI, established the transactions as sham arrangements. The Tribunal emphasized that documentation like contract notes and banking channel evidence alone cannot establish genuineness when market forces don't justify the price increase. The CIT(A)'s findings regarding price manipulation were affirmed.
ITAT upheld the disallowance of LTCG exemption claimed under section 10(38), determining the transactions constituted a predetermined scheme to introduce unaccounted income. The Tribunal found the assessee's 400% profit in 13 months from penny stock NCL Research was not genuine, noting the suspicious pattern of dormant scrip suddenly appreciating despite poor financial parameters. The synchronized buying and selling, coupled with investigations by Income Tax authorities and SEBI, established the transactions as sham arrangements. The Tribunal emphasized that documentation like contract notes and banking channel evidence alone cannot establish genuineness when market forces don't justify the price increase. The CIT(A)'s findings regarding price manipulation were affirmed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
