Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 2747 - AT - Income TaxAddition u/s 68 - bogus LTCG - unexplained share transactions - Held that:- There was a direct evidence in the form of purchase of shares by the assessees in financial year 2002-03 on payment made by account payee cheques, the reflection of the said shares as investment in the balance-sheets of the assessee as on 31.03.2003 and 31.03.2004 and sale of the said shares in the financial year 2004-05 by the assessee against the payments received again by account payee cheques. The claim of the assessee of these transactions in purchase and sale of shares was also duly supported by the contract notes issued by the concerned brokers. Considering circumstantial evidence brought on record to come to the conclusion that the relevant transactions of purchase and sale of shares giving rising to long term capital gain to the assesses were genuine transactions and the additions made by the Assessing Officer under section 68 by treating the said transactions as bogus were not sustainable. - Decided in favour of assessee.
|