Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (3) TMI 1084 - GUJARAT HIGH COURTTreatment of Long Term Capital Gains as undisclosed income - addition appreciating the fact that the assessee had not carried out share transactions through stock exchange and those transactions were carried out off market - statement of Shri Mukesh M. Chokshi taken on oath u/s. 132(4) of the Act and is binding as evidence or not? - Held that:- As decided in Principal Commissioner of Income Tax-5 v. Dhwani Mahendra Shah [2017 (2) TMI 463 - ITAT AHMEDABAD] the shares were thereafter transferred to demat account. The demat account was in the name of the assessee, from where the shares were sold. In our understanding of the facts, if the shares were of some fictitious company which was not listed in the Bombay Stock Exchange/National Stock Exchange, the shares could never have been transferred to demat account. Shri Mukesh Choksi may have been providing accommodation entries to various persons but so far as the facts of the case in hand suggest that the transactions were genuine and therefore, no adverse inference should be drawn. - Decided in favour of assessee
|