Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
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Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
HC upheld ITAT's dismissal of the revenue's appeal, confirming the assessee's entitlement to set off short-term capital loss against long-term capital gains for the block period. HC noted that, on identical facts, additions in the cases of the assessee's father and sibling had been deleted at the CIT(A) stage and attained finality, and the revenue could not adopt an inconsistent position. Both CIT(A) and ITAT, as fact-finding authorities, had properly appreciated the evidence regarding share transactions, including acquisition details, cost, sale price, and quantification of loss. Applying the rule of consistency in tax matters, HC found no substantial question of law and dismissed the revenue's appeal.
HC upheld ITAT's dismissal of the revenue's appeal, confirming the assessee's entitlement to set off short-term capital loss against long-term capital gains for the block period. HC noted that, on identical facts, additions in the cases of the assessee's father and sibling had been deleted at the CIT(A) stage and attained finality, and the revenue could not adopt an inconsistent position. Both CIT(A) and ITAT, as fact-finding authorities, had properly appreciated the evidence regarding share transactions, including acquisition details, cost, sale price, and quantification of loss. Applying the rule of consistency in tax matters, HC found no substantial question of law and dismissed the revenue's appeal.
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