Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 1410 - AT - Income TaxAddition u/s 68 - bogus share transactions - Held that:- AO has not doubted the purchase of the shares. He has doubted the sale consideration of the shares, as there was substantial increase in the value of shares. In order to establish the sale transaction to be genuine, the assessee has placed copy of the quotations of the Stock Exchange as on 12.3.2003, in which the rate of shares of Nageshwar Investment was shown at 58.20 and 64. The shares were sold on 23.3.2003 at ₹ 67.05 per share, though the quotation as on 23.3.2003 is not available on record, but in the light of the quotation dated 12.3.2003, the contention of the assessee that shares were sold at ₹ 67.05 per share cannot be doubted. No doubt was raised by the AO in the purchase of shares. The sale consideration declared by the assessee should not be doubted only for the reason that the value of the shares have been increased to 30 times within a span of 15 months. In the case of share transaction, sometimes the value of shares may increase many fold within a span of short period. But for this reason, the transaction cannot be doubted - Decided against revenue.
|