https://www.taxtmi.com/caselaws?id=470587 For a concluded assessment year under Section 153C, additions require incriminating material relating to that year; additions based on already disclosed share transactions without such material are unsustainable. A documented loss on sale of shares is allowable where evidence establishes allotment, holding, transfer and consideration, and no contrary evidence shows that the transaction is sham; share price movement alone is insufficient. Further disallowance of expenditure relating to exempt income is unwarranted where the assessee has already disallowed an amount exceeding the exempt dividend income. The additions, share-loss disallowance and further exempt-income expenditure disallowance did not survive. en-us Fri, 08 Apr 2022 00:00:00 +0530 Fri, 31 Jul 2026 18:40:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470587 For a concluded assessment year under Section 153C, additions require incriminating material relating to that year; additions based on already disclosed share transactions without such material are unsustainable. A documented loss on sale of shares is allowable where evidence establishes allotment, holding, transfer and consideration, and no contrary evidence shows that the transaction is sham; share price movement alone is insufficient. Further disallowance of expenditure relating to exempt income is unwarranted where the assessee has already disallowed an amount exceeding the exempt dividend income. The additions, share-loss disallowance and further exempt-income expenditure disallowance did not survive. Case-Laws Income Tax Fri, 08 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470587