2019 (1) TMI 273 - ITAT KOLKATA

Bogus LTCG - Treating the assessee’s losses arising from sale of various script to be non-genuine - Held that:- The Revenue fails to dispute herein as well as there is no material either of the case file indicating this assessee to have availed accommodation entries as per any search / survey statement. The Revenue seeks to place a very heavy reliance in department investigation wing survey operation statements u/s. 133A from one of the assessee’s directors against genuineness of the impugned losses. We find that such a search and survey statement; if any in absence of any evidence in itself carries no value as per CBDT’s Circular dated 10.03.2003 as reiterated in subsequent clarification dated 18.12.2014. We therefore go by our foregoing detailed discussion to conclude that the CIT(A) has rightly deleted the impugned loss disallowance in both assessment year(s). - decided against revenue