Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
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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.
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