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2019 (9) TMI 770 - AT - Income TaxBogus LTCG - AO on the basis of the report of investigations done by the Revenue in Kolkatta in which one of the brokers named the respective assessee as a beneficiary of bogus LTCG or named the shares held by the company as a paper/shell/bogus company - Disallowance of exemptions claimed u/s.10(38) - HELD THAT:- The issue is restored to the file of AO for re-adjudication on identical directions as given in the case of Heerachand Kanunga [2018 (6) TMI 1329 - ITAT CHENNAI] . AO shall also bring on record the role of the assessee in promoting the company and relationship of the assessee with other promoters, role of the assessee in inflating the price of shares, etc. Assessing Officer concerned shall require the assessees; to establish who, with whom, how and in what circumstances the impugned transactions were carried out etc., to prove that the impugned transactions are actual, genuine etc. The assessees shall comply to the concerned AO’s requirements as per law. On appreciation of all the above aspects, the Assessing Officer concerned would decide the matter in accordance with law. - Decided in favour of assessee for statistical purposes.
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