Reclassification, differential duty, confiscation and penalties quashed where department lacked chemical evidence and improperly reopened past clearan...
Anticipatory bail refused where accused allegedly assaulted and threatened a public servant; custodial interrogation deemed necessary for investigatio...
ITAT upheld the AO and CIT(A) in confirming an addition under s. 68, finding the assessee's credit entries and claimed exempt LTCG were sham and not bona fide. The Tribunal held the assessee failed to discharge the statutory onus to prove genuineness of share-sale and credit transactions; surrounding circumstances, non-disclosure in the original return, unexplained share acquisitions, and evidential materials produced by the Revenue established the transactions as bogus. Consequently the reassessment/addition was sustained and the appeal dismissed, with the Tribunal treating the LTCG claim as a façade concealing the true nature of the impugned credits.
ITAT upheld the AO and CIT(A) in confirming an addition under s. 68, finding the assessee's credit entries and claimed exempt LTCG were sham and not bona fide. The Tribunal held the assessee failed to discharge the statutory onus to prove genuineness of share-sale and credit transactions; surrounding circumstances, non-disclosure in the original return, unexplained share acquisitions, and evidential materials produced by the Revenue established the transactions as bogus. Consequently the reassessment/addition was sustained and the appeal dismissed, with the Tribunal treating the LTCG claim as a façade concealing the true nature of the impugned credits.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
