Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2023 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (1) TMI 974 - HC - Income TaxAddition u/s 68 - unaccounted income Introduced in its books in the guise of “bogus Long Term Capital Gains” - AO has relied upon the details gathered by the Investigation Wing, to conclude that the respondent/assessee had introduced its unaccounted income to purchase and sell shares of REI - HELD THAT:- According to us, the appellant/revenue could not have bifurcated the purchase and sale transactions. Concededly, when the shares were purchased for trading purposes in earlier years, the profits so generated were accepted, and at the point in time, when these scrips were converted into investment and sold during the Assessment Years in issue, they could not be treated as bogus transactions. The fact that shares were traded on stock exchange after paying securities transaction tax, and that money had been received through banking channels only demonstrated that they were not bogus transactions. The statement of another gentleman i.e., Mohan Singh Jadoun, on which reliance was placed before us as well by Mr Vipul Agarwal, who appears for the appellant/revenue, according to the Tribunal, did not lead to an adverse inference. According to us, the aforesaid observations made by the Tribunal are, in effect, findings of the fact. There are concurrent findings of facts returned by the CIT(A) as well as the Tribunal. The proposed questions of law by the appellant/revenue do not state that the findings returned by the Tribunal or the CIT(A) are perverse.
|