Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 1376 - AT - Income TaxBogus Short term capital gain - penny stock - addition of Short term capital loss arising from sale of shares STT paid - claimed as set off against short term capital gain on in the matter of compensation received from govt. of Haryana against acquisition of land - genuineness of share transactions on both purchase and sale aspects - lack of cross examination - HELD THAT:- Assessee has filed all the requisite details on record in support of her share transactions. The Revenue’s case questions the genuineness of assessee’s details particularly in the light of search statement by Shri Anil Agarwal in the light of SEBI’s proceedings finalized on 2-4-2018 regarding M/s. First Financial Services Ltd. Rutron International Ltd (supra). Learned departmental representative fails to dispute that there is no direct evidence against the assessee to have indulged in artificial rigging of any of the 7 scrips’ shares. Or that said statement of Shri Anil Agarwal has nowhere quoted the assessee’s name adopting any of the alleged dubious means for artificial rigging of scrips prices. This tribunal’s recent decision in Mahavir Jhanwar V/s. ITO, [2019 (3) TMI 210 - ITAT KOLKATA] held that addition should be based on evidence and not on generalisation, human probabilities, suspicion, conjectures and surmises. Thus we conclude that such a disallowance has to be based on evidence rather as alleged suspicion circumstances. We accordingly direct the Assessing Officer to delete the impugned addition. - Decided in favour of assessee.
|