#Bogus Transaction

ITAT Mumbai ruled that donations to political parties under Section 80-GGC are ineligible for tax deductions if linked to circuitous cash-return schemes, reinforcing strict scrutiny of political funding legitimacy. The decision impacts taxpayers claiming deductions for donations where the recipient party is involved in fraudulent financial practices.

ITAT Nagpur rules that additions under Sections 68 and 69C for long-term capital gains from listed shares cannot be sustained without concrete evidence disproving the genuineness of transactions. The tribunal emphasizes that mere suspicion cannot override documentary proof, setting a precedent for tax assessments involving LTCG claims.