Retrospective application of beneficial circulars upheld, binding officers and granting post adjudication relief where adjudication occurred after cir...
Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Contemporaneous documentary evidence showing preferential allotment/allotment letters, demat holdings, exchange contract notes, STT payment and banked sale proceeds defeats treatment of receipts as unexplained credit and related commission additions where the tax authority lacks fresh, year specific tangible material linking the transactions to third party entry operators. The legal principle applied requires the assessing officer to bring year relevant evidence of collusion or nexus to sustain a finding of sham or accommodation entries; prior year suspicions or third party statements recorded before the sales are insufficient. Consequently, additions treating genuine share purchases and sales as bogus were reversed for the year under appeal.
Contemporaneous documentary evidence showing preferential allotment/allotment letters, demat holdings, exchange contract notes, STT payment and banked sale proceeds defeats treatment of receipts as unexplained credit and related commission additions where the tax authority lacks fresh, year specific tangible material linking the transactions to third party entry operators. The legal principle applied requires the assessing officer to bring year relevant evidence of collusion or nexus to sustain a finding of sham or accommodation entries; prior year suspicions or third party statements recorded before the sales are insufficient. Consequently, additions treating genuine share purchases and sales as bogus were reversed for the year under appeal.
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