Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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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