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 disallowed the short-term capital loss claimed on the sale of commercial FSI rights and 4659 shares, rejecting the assessee's contention of distress sale due to market slowdown. The tribunal found the transactions lacked commercial substance, noting neither purchase nor sale consideration was timely paid or received, and the buyers lacked financial capacity, undermining the genuineness of the dealings. Additionally, the existence of a pending PIL against the company whose shares were sold was insufficient to establish adverse impact on business prospects, as no official action affecting the assessee was demonstrated. Consequently, the ITAT upheld the disallowance of the capital loss and dismissed the appeal.
The ITAT disallowed the short-term capital loss claimed on the sale of commercial FSI rights and 4659 shares, rejecting the assessee's contention of distress sale due to market slowdown. The tribunal found the transactions lacked commercial substance, noting neither purchase nor sale consideration was timely paid or received, and the buyers lacked financial capacity, undermining the genuineness of the dealings. Additionally, the existence of a pending PIL against the company whose shares were sold was insufficient to establish adverse impact on business prospects, as no official action affecting the assessee was demonstrated. Consequently, the ITAT upheld the disallowance of the capital loss and dismissed the appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
