Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
ITAT held that reopening of assessment u/s 147 was invalid. The AO failed to establish a cogent 'reason to believe' regarding alleged bogus Long Term Capital Gains, merely acting on unsubstantiated information from Investigation Wing. The tribunal emphasized that 'reason to believe' is distinct from 'suspicion', and the AO's approach was casual and robotic. Without concrete material demonstrating nexus between entry operators and the assessee, the addition u/s 68 was deemed unsustainable. The capital gains from share transactions could not be arbitrarily labeled as sham profits. Consequently, the assessment reopening and consequent additions were quashed, decisively ruling in favor of the assessee.
ITAT held that reopening of assessment u/s 147 was invalid. The AO failed to establish a cogent 'reason to believe' regarding alleged bogus Long Term Capital Gains, merely acting on unsubstantiated information from Investigation Wing. The tribunal emphasized that 'reason to believe' is distinct from 'suspicion', and the AO's approach was casual and robotic. Without concrete material demonstrating nexus between entry operators and the assessee, the addition u/s 68 was deemed unsustainable. The capital gains from share transactions could not be arbitrarily labeled as sham profits. Consequently, the assessment reopening and consequent additions were quashed, decisively ruling in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
