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Govt imposes restrictions on sugar exports from June 1: DGFT

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Income Tax - Highlights / Catch Notes

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Income Tax - Bogus STCL - Disallowance of Loss arising from the trading...

Income Tax
2-11-2021

Bogus STCL - Disallowance of Loss arising from the trading in shares - accommodation entry of STCL - the fact remains that the findings of the lower authorities are not based on evidence but on generalizations and probabilities. The AO could not place anything on record, maybe through a process of his own enquiry, to decisively prove that assessee has obtained bogus STCL through his connivance with entry operators / exit providers. - The claim of the assessee appears to have been rejected more on the basis of presumption rather than evidence. - Additions deleted - AT

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