Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
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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