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2019 (3) TMI 136 - HC - Income TaxBogus forfeiture of shares - amount invested in the forfeited shares - Short Term Capital Loss - HELD THAT:- Taking note of the factual situation into consideration, the Tribunal held that the decision taken by the assessee cannot obviously be treated as a sham or colourable devise. We are in agreement with the finding recorded by the Tribunal which was rendered on re-appreciation of the factual details. Furthermore, the Tribunal had noted that there is no whisper or any allegation that the amount invested in the forfeited shares has come back to the assessee in any form whatsoever. Tribunal noted that the forfeiture are not claimed to be bogus nor it has been shown to be a fraud or colourable devise. Thus, on facts the Tribunal convinced that the forfeited shares cannot be treated to be a fraudulent transaction or colourable device. As perused the order passed by the CIT(A) and we find that the CIT(A) has not given any positive finding as to how the transaction to be termed as a colourable device or fraudulent transaction. In fact the order proceeds on surmises and conjunctures and there is no finding to the effect that a colourable device was conceived by the assessee to defraud the revenue. Thus, for the above reasons, there is no ground made out to interfere with the factual finding rendered by the Tribunal. - Decided against the revenue
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