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Income from share transactions - the assessee had indulged in a dubious share transaction meant to account for the undisclosed income in the garb of long term capital gain - the fantastic sale price was not at all possible as there was no economic or financial basis as to how a share worth ₹ 5/of a little known company would jump from ₹ 5/to ₹ 485/. - Additions confirmed - HC

Income Tax
May 22, 2017

Income from share transactions - the assessee had indulged in a dubious share transaction meant to account for the undisclosed income in the garb of long term capital gain - the fantastic sale price was not at all possible as there was no economic or financial basis as to how a share worth ₹ 5/of a little known company would jump from ₹ 5/to ₹ 485/. - Additions confirmed - HC

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