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2019 (4) TMI 284 - AT - Income TaxBogus LTCG - Penny Stock - principle of preponderance of probabilities - Unexplained cash credit u/s 68 - HELD THAT:- Transaction of the assessee of deriving long term capital gains of ₹ 1,69,12,820/- by selling shares of M/s Dhanleela Investment & Trading Co. Ltd. was treated as bogus by the Revenue only on the basis of suspicion and probability and without finding any defect in the various documentary evidences filed by the assessee. As transaction of the assessee are supported by the relevant documentary evidences, the additions made by the AO by treating the sale transaction as bogus is unsustainable. We, therefore, delete the addition. The transaction of long term capital gains derived by the assessee as genuine and correct further addition made by the Assessing Officer is also liable to be deleted and accordingly, the same is hereby deleted. - Decided in favour of assessee.
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