Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
