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 allowed the assessee's appeal, deleting additions on account of BSE F&O loss and currency derivative loss. It held that the ex parte interim SEBI order, which formed the sole basis for the AO and CIT(A) to treat the losses as non-genuine, had been set aside and therefore had no binding force. The subsequent SEBI final order related to National Spot Exchange Limited and was held inapplicable to trades executed on the BSE platform. ITAT noted that the assessee had produced contract notes, bank statements, and broker account statements, with no adverse material brought by the Revenue, and held there is no legal bar on routing trades through any stock broker.
ITAT allowed the assessee's appeal, deleting additions on account of BSE F&O loss and currency derivative loss. It held that the ex parte interim SEBI order, which formed the sole basis for the AO and CIT(A) to treat the losses as non-genuine, had been set aside and therefore had no binding force. The subsequent SEBI final order related to National Spot Exchange Limited and was held inapplicable to trades executed on the BSE platform. ITAT noted that the assessee had produced contract notes, bank statements, and broker account statements, with no adverse material brought by the Revenue, and held there is no legal bar on routing trades through any stock broker.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
