Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
The article addresses the burden to prove genuineness of share transactions claimed as exempt LTCG under 10(38), holding that documentary records (contract notes, demat statements, bank payment/receipt evidence and exchange trades) can discharge the onus and defeat additions. It states that reliance on investigation reports, prima facie anomalies in company accounts, or extraordinary price movement, without material linking the taxpayer to price manipulation, recycling of funds or accommodation entries, is insufficient to treat exempt gains as unexplained income; therefore the exemption should be accepted absent direct nexus or corroborative inquiry.
The article addresses the burden to prove genuineness of share transactions claimed as exempt LTCG under 10(38), holding that documentary records (contract notes, demat statements, bank payment/receipt evidence and exchange trades) can discharge the onus and defeat additions. It states that reliance on investigation reports, prima facie anomalies in company accounts, or extraordinary price movement, without material linking the taxpayer to price manipulation, recycling of funds or accommodation entries, is insufficient to treat exempt gains as unexplained income; therefore the exemption should be accepted absent direct nexus or corroborative inquiry.
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