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2020 (1) TMI 816 - AT - Income TaxBogus LTCG - Addition u/s 68 - onus to prove - HELD THAT:- No real transaction of purchase and sale of shares of M/s Supreme Agro Products Pvt. Ltd. did take place in the case of the assessee. M/s Supreme Agro Products Pvt. Ltd. was running in huge losses and had not declared any dividend for several years which shows that the aforesaid transaction in dispute is to make the money unaccounted money as a long term capital gain which is taxable at a concessional rate, was a bogus transaction in the nature of colourable device of the nature covered in the scope of decision of Hon’ble Supreme Court of India in the case of CIT vs. Mc. Dowell Ltd. (1985 (4) TMI 64 - SUPREME COURT). In considered view the Ld. CIT(A) has passed a well reasoned order on the basis of documentary evidences filed by the assessee which did not prove the genuineness of the transaction in dispute. The assessee remained non-cooperative before the AO as well as before the Ld. CIT(A) by not producing the Director before the revenue authorities as well as not substantiated the claim before the AO as well as Ld. CIT(A) in spite of the repeated opportunities given to the assessee. - Decided against assessee.
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