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 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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
