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...
ITAT denied LTCG exemption u/s 10(38) and confirmed addition u/s 68 against the assessee. The tribunal observed no prior investment history, lack of substantive transaction evidence, and suspicious share trading pattern. Despite opportunities to validate transactions, the assessee failed to provide credible documentation. The tribunal referenced precedent involving penny stock transactions and found no genuine sale evidence beyond broker contract notes. The absence of verifiable transaction details and inconsistent trading behavior led to dismissal of the assessee's appeal, upholding the revenue's assessment and rejecting claimed long-term capital gains exemption.
ITAT denied LTCG exemption u/s 10(38) and confirmed addition u/s 68 against the assessee. The tribunal observed no prior investment history, lack of substantive transaction evidence, and suspicious share trading pattern. Despite opportunities to validate transactions, the assessee failed to provide credible documentation. The tribunal referenced precedent involving penny stock transactions and found no genuine sale evidence beyond broker contract notes. The absence of verifiable transaction details and inconsistent trading behavior led to dismissal of the assessee's appeal, upholding the revenue's assessment and rejecting claimed long-term capital gains exemption.
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TaxTMI 
TaxTMI 
of 4916 
