Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Bogus long-term capital gains from penny stock transactions were rejected where contract notes, demat entries, bank records and sale documents did not establish genuineness. The Tribunal found that the scrip showed abnormal price movement unrelated to the company's financial position and business activity, the original purchase was through an off-market route in an unlisted company, and the assessee was not shown to be a regular or informed investor. Applying the human probabilities test, it treated the transaction as a pre-arranged accommodation entry mechanism to convert unaccounted income into exempt capital gains. The burden under section 68 was not discharged, the addition was upheld, and exemption under section 10(38) was denied.
Bogus long-term capital gains from penny stock transactions were rejected where contract notes, demat entries, bank records and sale documents did not establish genuineness. The Tribunal found that the scrip showed abnormal price movement unrelated to the company's financial position and business activity, the original purchase was through an off-market route in an unlisted company, and the assessee was not shown to be a regular or informed investor. Applying the human probabilities test, it treated the transaction as a pre-arranged accommodation entry mechanism to convert unaccounted income into exempt capital gains. The burden under section 68 was not discharged, the addition was upheld, and exemption under section 10(38) was denied.
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