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2016 (12) TMI 1344 - ITAT MUMBAIShare transaction treated as ‘Income from Other Sources’ - bogus transaction - income from speculation business - Held that:- In the case on hand, the assessee was directed by the Tribunal to lead evidence in support of her claim that delivery of the shares was infact taken and given. However, it is seen that inspite of being afforded opportunities in this regard, the assessee failed to bring on record any basic verifiable evidence to support the claim that delivery of shares had taken place. The assessee failed to give even the name and address of the main broker so that enquiries/verification as to the genuineness of the assessee’s claim could have been carried out. It is in that view of the matter, that the learned CIT(A) held that income earned in the bogus share transaction as ‘Income from Other Sources’. Even before us, no evidence has been brought on record to controvert the findings rendered by the learned CIT(A). In these peculiar facts and circumstances of this case we find no reason to interfere with the findings rendered by the learned CIT(A) on this issue and therefore uphold the same - Decided against assessee
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