Kolkata ITAT permits Minu Gupta’s LTCG exemption claim, citing lack of specific evidence against her despite AO’s reliance on general investigation reports.
Kerala High Court held that passing of order and classifying account of petitioner as fraud without following Master Directions on Frauds and without furnishing a copy of the audit report is not tenable in law. Accordingly, writ petition is allowed.
ITAT Kolkata rules in favor of Raj Kumar Kabra’s LTCG claim, stressing the need for specific evidence over general suspicion in tax assessments.
ITAT Kolkata permits Pawan Kumar Kabra’s LTCG claim, emphasizing the need for specific evidence over general suspicion in assessment.
ITAT Kolkata deleted an addition related to bogus long-term capital gain, finding the assessee’s share transactions to be genuine and supported by sufficient evidence.
ITAT Ahmedabad held that donation to, Shri Arvindo Institute of applied scientific research, which is not recognised research institute is not eligible for deduction under section 35(1)(ii) of the Income Tax Act. Accordingly, deduction disallowed and appeal dismissed.
ITAT Delhi overturns LTCG addition for Rajeev Agarwal & Sons due to denial of cross-examination on key statements. Genuine transactions noted.
: ITAT Delhi quashes LTCG addition for Veena Gupta, citing violation of natural justice due to denial of cross-examination of key witnesses.
ITAT Delhi rules for Shoubit Goel (HUF), allowing LTCG u/s 10(38) on Unno Industries shares. Lack of specific evidence against assessee overrides AO’s doubts.
It also referred to similar findings in Matrix Partners India Investment Holdings, LLC vs DCIT and other precedents, reinforcing that exempt income did not form part of the computation of total income under Indian law.
