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...
The ITAT allowed the assessee's short-term capital loss on redemption of mutual fund units and dismissed the Revenue's appeals, thereby upholding the deletion of the assessment-level addition. The Tribunal applied its earlier ratio and SC authority to hold that, absent direct evidence of sham or SEBI censure and given the scheme's commercial features and a consistent investment pattern, a decline in NAV following dividend declaration is a market phenomenon and does not justify disallowance. Mere suspicion, generalized allegations, or reliance on survey-stage statements cannot negate genuine transactions. Consequentially the assessee is entitled to claim the short-term capital loss for tax purposes.
The ITAT allowed the assessee's short-term capital loss on redemption of mutual fund units and dismissed the Revenue's appeals, thereby upholding the deletion of the assessment-level addition. The Tribunal applied its earlier ratio and SC authority to hold that, absent direct evidence of sham or SEBI censure and given the scheme's commercial features and a consistent investment pattern, a decline in NAV following dividend declaration is a market phenomenon and does not justify disallowance. Mere suspicion, generalized allegations, or reliance on survey-stage statements cannot negate genuine transactions. Consequentially the assessee is entitled to claim the short-term capital loss for tax purposes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
