Genuineness of transactions: accommodation entries and circumstantial evidence can defeat claimed tax exemptions without commercial substance. Denial of exemption under Section 10(38) is justified where claims rest on paper companies and accommodation entry providers; synchronized trading, SEBI ... Summary
Genuineness of transactions: accommodation entries and circumstantial evidence can defeat claimed tax exemptions without commercial substance.
Denial of exemption under Section 10(38) is justified where claims rest on paper companies and accommodation entry providers; synchronized trading, SEBI identified price rigging, and weak connection between claimants and transactions diminish the probative value of demat statements and share certificates. The legal focus is on the onus of proof, application of the preponderance of probabilities and circumstantial inferences, requiring the assessee to establish commercial substance for unsecured loans and claimed trades rather than rely solely on documentation.
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