https://www.taxtmi.com/caselaws?id=790914 The commentary examines three tax issues: additions based solely on a search statement under section 132(4), deemed dividend treatment under section 2(22)(e) for running-account transactions, and denial of exemption on long-term capital gains from alleged penny-stock dealings under section 10(38). It notes that search admissions are insufficient without corroborative material, that genuine commercial purchases and sales in ordinary running accounts are not readily brought within the deeming provision absent shareholder benefit, and that capital-gains disallowance based on suspicion rather than specific evidence of a bogus-scrip scheme lacks a proper factual foundation. en-us Thu, 30 Apr 2026 00:00:00 +0530 Sat, 02 May 2026 07:40:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790914 The commentary examines three tax issues: additions based solely on a search statement under section 132(4), deemed dividend treatment under section 2(22)(e) for running-account transactions, and denial of exemption on long-term capital gains from alleged penny-stock dealings under section 10(38). It notes that search admissions are insufficient without corroborative material, that genuine commercial purchases and sales in ordinary running accounts are not readily brought within the deeming provision absent shareholder benefit, and that capital-gains disallowance based on suspicion rather than specific evidence of a bogus-scrip scheme lacks a proper factual foundation. Case-Laws Income Tax Thu, 30 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790914