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2017 (9) TMI 49 - HC - Income TaxDisallowance of loss in trading of shares - Sham or fake transactions - Tribunal confirmed view of CIT(A) and deleted the addition - transactions are off market transactions - Held that:- CIT(Appeals) found that the transactions were through Demat accounts. They were confirmed by the opposite parties and payments were made through proper banking channel. The entire issue therefore, revolves around appreciation of evidence on record. CIT(Appeals) and Tribunal having concurrently come to factual findings, no question of law arises. Counsel for the Revenue however, referred to the appeal memo and contended that in past SEBI had penalised the assessee for indulging into such off market transactions. Firstly, there is no reference to any such past deeds of the assessee in the order of assessment. Secondly, in any case, even as per the Revenue, the referred instance is relatable to earlier period. No substantial question of law.- Tax Appeal is dismissed Decided in favour of assessee.
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