Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
ITAT upheld disallowance of bogus long-term capital gains claimed by assessee on sale of penny stock shares. Investigation revealed assessee obtained accommodation entries through share broker who provided fictitious transactions. Tribunal found multiple discrepancies: assessee was not regular share investor, target company lacked sound financials justifying investment, astronomical gains occurred within short duration, family members engaged in similar bogus LTCG schemes, shares purchased off-market and dematerialized shortly before sale. Share certificate dated after shares appeared in assessee's account, indicating fictitious transactions. Applying Sumati Dayal precedent regarding preponderance of human probabilities, ITAT concluded assessee introduced unaccounted cash disguised as exempt LTCG. Addition sustained based on surrounding circumstances establishing bogus nature of transactions.
ITAT upheld disallowance of bogus long-term capital gains claimed by assessee on sale of penny stock shares. Investigation revealed assessee obtained accommodation entries through share broker who provided fictitious transactions. Tribunal found multiple discrepancies: assessee was not regular share investor, target company lacked sound financials justifying investment, astronomical gains occurred within short duration, family members engaged in similar bogus LTCG schemes, shares purchased off-market and dematerialized shortly before sale. Share certificate dated after shares appeared in assessee's account, indicating fictitious transactions. Applying Sumati Dayal precedent regarding preponderance of human probabilities, ITAT concluded assessee introduced unaccounted cash disguised as exempt LTCG. Addition sustained based on surrounding circumstances establishing bogus nature of transactions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
