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...
The ITAT allowed the taxpayer's appeal regarding disallowance of short-term capital loss on share sale. The tribunal held that oral agreements between family members deserve equal credibility and mere deficiencies in ROC records cannot justify treating transactions as sham without additional evidence. The court emphasized that strong suspicion cannot substitute for evidence supporting the assessee's claim. The tribunal ruled that the onus lies on Revenue to prove apparent transactions are not genuine, rather than requiring taxpayers to prove legitimacy of properly documented share sales with consideration movement. The disallowance was reversed and capital loss claim was accepted.
The ITAT allowed the taxpayer's appeal regarding disallowance of short-term capital loss on share sale. The tribunal held that oral agreements between family members deserve equal credibility and mere deficiencies in ROC records cannot justify treating transactions as sham without additional evidence. The court emphasized that strong suspicion cannot substitute for evidence supporting the assessee's claim. The tribunal ruled that the onus lies on Revenue to prove apparent transactions are not genuine, rather than requiring taxpayers to prove legitimacy of properly documented share sales with consideration movement. The disallowance was reversed and capital loss claim was accepted.
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TaxTMI 
TaxTMI 
of 4915 
