Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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 
