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2003 (6) TMI 16 - HC - Income TaxShare transactions – loss - assessee has placed on record to indicate that all the share transactions entered into by the assessee-companies have been supported by contract notes and bills of recognized share brokers of stock exchange and also other documentary evidence showing that all the payments have been made/received through account payee cheques or drafts - no evidence on record placed by the Revenue to indicate that the disputed share transactions have been entered into between parties, who are close relatives or friends or the persons having common interests, nor there is any material placed on record to indicate that the share transactions have been entered in to between the same parties adopting the same modus operandi for a reasonable span of period – Held that share transactions were genuine and the assessee-companies are entitled to claim benefit under those transactions for the loss suffered
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