Wednesday, December 19, 2018

No sec. 68 additions if it resulted in huge GP ratio which wasn't acceptable in assessee's type of business

IT: Where transaction of sale of shares was made by assessee through registered stock broker through Bombay Stock Exchange, after remitting STT and all payments were transacted through bank and shares were held in Demat account; and assessee had furnished all primary evidence in form of bills, contract notes, demat statements and bank account to prove genuineness of transaction relating to purchase and sale of shares resulting in LTCG, entire share transaction which yielded high capital gain sto

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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