ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
The AT held that Annexure A to the impugned circular created the misleading impression that the appellant presently remains a director of the expelled trading member. It was established that the trading terminals were disabled on November 7, 2018, the date of default was November 5, 2018, the trading member was expelled on May 6, 2019, and the appellant tendered resignation on November 27, 2018. The AT directed the respondent exchange to amend Annexure A to expressly state the specific date until which the appellant served as director of the expelled trading member, thereby confining the published record to the precise period of directorship to avoid ongoing reputational prejudice.
The AT held that Annexure A to the impugned circular created the misleading impression that the appellant presently remains a director of the expelled trading member. It was established that the trading terminals were disabled on November 7, 2018, the date of default was November 5, 2018, the trading member was expelled on May 6, 2019, and the appellant tendered resignation on November 27, 2018. The AT directed the respondent exchange to amend Annexure A to expressly state the specific date until which the appellant served as director of the expelled trading member, thereby confining the published record to the precise period of directorship to avoid ongoing reputational prejudice.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
