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2019 (1) TMI 1459 - ITAT CHENNAIBogus LTCG on share transactions - addition u/s 68 - disallowance of exemption claimed u/s.10(38) - Held that:- Transactions done through recognized stock exchanges where payments were made through bank cannot be doubted or disbelieved based on an investigation report of the Department, which at the best can be strong reason to suspect the veracity of the claim but not good enough to disbelieve it. Therefore of the opinion that there is nothing concrete brought on record by the Department to show that transactions entered by the assessee in the shares of SMIL were bogus or sham. No reason to uphold the orders of the lower authorities. Such orders are set aide and the addition is deleted. - Decided in favour of assessee
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