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2019 (5) TMI 841 - AT - Income TaxBogus LTCG - sale of shares after payment of Security Transactions Tax (STT) - bogus unexplained cash credits u/s 68 - HELD THAT:- The fact remains that neither the department had supplied copy of alleged entry operator statement nor there is any material on record that they have named this taxpayer as the beneficiary of the impugned capital gains derived by rigging scrip’s share prices. Both the AO as well as CIT(A) are fair enough in observing that the said two persons have named the scrip rather than the assessee in their respective search statement. We therefore quote this tribunal’s decision in Prakash Chand Bhutoria vs. ITO [2018 (7) TMI 46 - ITAT KOLKATA] deleting identical addition for lack of any evidence against the concerned assessee. Bogus capital gains against the taxpayer based on circumstantial evidence. Hon'ble jurisdictional high court’s judgment ALPINE INVESTMENTS [2008 (8) TMI 961 - CALCUTTA HIGH COURT] taken into consideration in learned co-ordinate bench’s order hereinabove has held as the contrary that any addition of this nature not based on evidence is not sustainable. We therefore direct the Assessing Officer to delete the impugned addition by following above detailed reasoning mutatis mutandis. - Decided in favour of assessee.
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