Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
ITAT affirmed the CIT(A)'s order and dismissed Departmental appeals for AYs 2014-15, 2015-16 and 2016-17, rejecting reclassification of short-term capital gains (initially taxed under s.111A) as unexplained income under s.68 read with s.115BBE. The Tribunal found the AO's factual premises illusory and his change of opinion unjustified absent any proper inquiry, and placed weight on final SEBI acquittal orders which eliminated the AO's suspicions regarding genuineness of share transactions. Given the tax effect was below the Rs.60 lakh threshold and no allegation of organized accommodation entries, the ITAT declined to disturb the well-reasoned appellate order and dismissed the appeals.
ITAT affirmed the CIT(A)'s order and dismissed Departmental appeals for AYs 2014-15, 2015-16 and 2016-17, rejecting reclassification of short-term capital gains (initially taxed under s.111A) as unexplained income under s.68 read with s.115BBE. The Tribunal found the AO's factual premises illusory and his change of opinion unjustified absent any proper inquiry, and placed weight on final SEBI acquittal orders which eliminated the AO's suspicions regarding genuineness of share transactions. Given the tax effect was below the Rs.60 lakh threshold and no allegation of organized accommodation entries, the ITAT declined to disturb the well-reasoned appellate order and dismissed the appeals.
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