PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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The ITAT upheld reassessment under s.147, finding the AO's formation of belief was based on independent, cogent material from the Investigation Wing and not on borrowed satisfaction; the reopening was procedurally and substantively justified. The Tribunal sustained the AO's s.68 addition treating alleged LTCG as unexplained income, noting the assessee failed to discharge the onus to prove genuineness of massive acquisition of shares in an entity lacking commercial and financial credentials. Documentary proofs alone (contract notes, demat extracts, bank payments) were insufficient in light of surrounding circumstances, manipulated trading patterns and absence of commercial substance, leading the ITAT to dismiss the assessee's appeal.
The ITAT upheld reassessment under s.147, finding the AO's formation of belief was based on independent, cogent material from the Investigation Wing and not on borrowed satisfaction; the reopening was procedurally and substantively justified. The Tribunal sustained the AO's s.68 addition treating alleged LTCG as unexplained income, noting the assessee failed to discharge the onus to prove genuineness of massive acquisition of shares in an entity lacking commercial and financial credentials. Documentary proofs alone (contract notes, demat extracts, bank payments) were insufficient in light of surrounding circumstances, manipulated trading patterns and absence of commercial substance, leading the ITAT to dismiss the assessee's appeal.
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