Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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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