Capital-gains exemption for charitable trusts extends to qualifying fixed deposits, while unrecoverable TDS write-offs may constitute income applicati...
India-UK treaty characterisation of telecom-service receipts as business profits withstands unilateral domestic-law amendments for Indian tax purposes...
Transfer-pricing reimbursement adjustments require uncontrolled comparables and cannot become expense-genuineness reviews, resulting in deletion of th...
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HC upheld the order of CIT(A) deleting the addition made by the AO on account of alleged unexplained income from sale of shares of Global Capital Markets Ltd. The HC held that the AO's addition was based solely on unsubstantiated third-party information regarding penny stock transactions, without disclosing the source or material to the assessee and without conducting any independent inquiry. The assessee had demonstrably purchased the shares in 2003 and sold them in 2010 through a recognized stock exchange after payment of STT, negating the allegation of short-term accommodation entries. As the transaction was supported by proper documentation and the Revenue failed to prove that the consideration was bogus or that the entities were fictitious, the HC found no perversity in the CIT(A)'s reasoning and dismissed the Revenue's appeal.
HC upheld the order of CIT(A) deleting the addition made by the AO on account of alleged unexplained income from sale of shares of Global Capital Markets Ltd. The HC held that the AO's addition was based solely on unsubstantiated third-party information regarding penny stock transactions, without disclosing the source or material to the assessee and without conducting any independent inquiry. The assessee had demonstrably purchased the shares in 2003 and sold them in 2010 through a recognized stock exchange after payment of STT, negating the allegation of short-term accommodation entries. As the transaction was supported by proper documentation and the Revenue failed to prove that the consideration was bogus or that the entities were fictitious, the HC found no perversity in the CIT(A)'s reasoning and dismissed the Revenue's appeal.
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