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...
Genuine share trading transactions executed through a registered broker on the stock exchange, reflected in DEMAT and trading records, and settled through banking channels were held to support allowability of the resulting business loss. The Tribunal held that the loss could not be disallowed merely because the Revenue considered the trades commercially imprudent or compared them with book value, in the absence of material showing artificial loss creation, sham trades, or price manipulation. It further held that SEBI proceedings against company promoters and penny-stock rulings on bogus exempt gains were inapplicable where the assessee's own transactions were genuine trading transactions, and the addition was deleted.
Genuine share trading transactions executed through a registered broker on the stock exchange, reflected in DEMAT and trading records, and settled through banking channels were held to support allowability of the resulting business loss. The Tribunal held that the loss could not be disallowed merely because the Revenue considered the trades commercially imprudent or compared them with book value, in the absence of material showing artificial loss creation, sham trades, or price manipulation. It further held that SEBI proceedings against company promoters and penny-stock rulings on bogus exempt gains were inapplicable where the assessee's own transactions were genuine trading transactions, and the addition was deleted.
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