2019 (5) TMI 527 - ITAT KOLKATA

Addition u/s 68 - bogus short term capital gain - disallowance of claim for short term capital loss - HELD THAT:- Once the assessee has furnished all evidences in support of the genuineness of the transactions, the onus to disprove the same is on revenue.

Since the purchase and sale transactions are supported and evidenced by Bills, Contract Notes, Demat statements and bank statements etc., and when the transactions of purchase of shares were accepted by the ld AO in earlier years, the same could not be treated as bogus simply on the basis of some reports of the Investigation Wing and/or the orders of SEBI and/or the statements of third parties. - Decided in favour of assessee.