Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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ITAT adjudicated a multi-issue tax dispute involving conversion of stock-in-trade into capital assets, commission payments, and share transfer transactions. The tribunal held that conversion of stock-in-trade into capital assets is permissible without tax implications, particularly before 2018 legislative amendments. Commission payments made through banking channels with appropriate TDS were validated. Regarding share transactions, ITAT rejected revenue's challenge to short-term capital loss, finding the share purchases through stock exchange as genuine, notwithstanding SEBI inquiries. The tribunal ultimately allowed the assessee's appeal, granting long-term capital gains treatment with indexation benefit and accepting commission and share transaction claims.
ITAT adjudicated a multi-issue tax dispute involving conversion of stock-in-trade into capital assets, commission payments, and share transfer transactions. The tribunal held that conversion of stock-in-trade into capital assets is permissible without tax implications, particularly before 2018 legislative amendments. Commission payments made through banking channels with appropriate TDS were validated. Regarding share transactions, ITAT rejected revenue's challenge to short-term capital loss, finding the share purchases through stock exchange as genuine, notwithstanding SEBI inquiries. The tribunal ultimately allowed the assessee's appeal, granting long-term capital gains treatment with indexation benefit and accepting commission and share transaction claims.
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