Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
ITAT allowed the assessee's appeal, holding that the short-term capital loss of Rs.2,94,99,567 arising from sale of shares in the company (renamed during the year) was genuine trading loss and not a contrived adjustment entry. The Tribunal found the assessee to be a regular investor and trader in quoted and unquoted securities, noted supporting documentary evidence and prior trading activity, and rejected the AO's reliance on an external report characterising the scrip as penny stock without proper analysis of submitted records. Consequently the loss was held allowable for set-off against short-term capital gains and the additions made by the AO were deleted.
ITAT allowed the assessee's appeal, holding that the short-term capital loss of Rs.2,94,99,567 arising from sale of shares in the company (renamed during the year) was genuine trading loss and not a contrived adjustment entry. The Tribunal found the assessee to be a regular investor and trader in quoted and unquoted securities, noted supporting documentary evidence and prior trading activity, and rejected the AO's reliance on an external report characterising the scrip as penny stock without proper analysis of submitted records. Consequently the loss was held allowable for set-off against short-term capital gains and the additions made by the AO were deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
