Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
Arrest safeguards and transit remand requirements invalidated detention following inter-State transfer without communicated grounds or magistrate auth...
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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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