Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
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 4921 
