Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (12) TMI 404 - AT - Income TaxAdditions u/s 68 - bogus STCG - assessee has sold share within 12 days and earned short term capital gain. Financial result of transaction indicate that rise in price was a result of rigging - HELD THAT:- In the present case, the assessee has shown sufficient evidence about the purchase and sale of scrip of M/s Splash Media & Infra Ltd.. No adverse material against such evidence was brought on record. No investigation was carried out by the Assessing officer. Assessee by furnishing complete details of their share transaction, has discharged primary onus upon them. As decided in Ranchhod Jivabhai Nakhava [2012 (5) TMI 186 - GUJARAT HIGH COURT] that once the assessee has discharged its primary onus, the onus shift upon the revenue to carry out further investigation to disprove the evidence of assessee. We find that in the present case, the Assessing Officer failed to carry out any investigation or brought any adverse material against the assessee. There is no dispute that the assessee made purchases of impugned shares through well-known stock broker Reliance Securities Limited. The transaction was carried out through Bombay Stock Exchange, therefore, find no justification to tax such short term capital gain as unexplained cash credit without bringing any adverse evidence on record. Accordingly, direct to delete the addition made by the Assessing Officer and confirmed by the ld. CIT(A). Decided in favour of assessee.
|