| |
| The Tax Publishers2019 TaxPub(DT) 5700 (Del-Trib) : (2019) 178 ITD 0823 INCOME TAX ACT, 1961
Section 68
Assessee had furnished details including bank statement, share brokers note, ledger account copies, share certificates, in support of purchase and sale of shares and mode of payment and receipts of proceeds. Neither AO conducted any enquiry nor brought any clinching evidences to disporve evidences produced by assessee. The report of investigation wing was much later than the dates of purchase/sale of shares and nowhere SEBI had declared the transaction at earlier dates as void, accordingly, statements recorded by investigation wing could not be the sole basis of addition without conducting proper enquiry and examination.
|
Income from undisclosed sources - Addition under section 68 - Long-term capital gain on sale of shares - AO merely relying on investigation wing report without disputing vortex of evidences furnished by assessee
AO based on information emanated from investigation wing treated long-term capital gain declared by assessee as exempt under section 10(38) on sale of shares as bogus and made addition under section 68. Held: Assessee had, furnished details including bank statement, share brokers note, ledger account copies, share certificates, in support of purchase and sale of shares and mode of payment and receipts of proceeds. Neither AO conducted any enquiry nor brought any clinching evidences to disprove evidences produced by assessee. The report of investigation wing was much later than the dates of purchase/sale of shares and nowhere SEBI had declared the transaction at earlier dates as void, accordingly, statements recorded by investigation wing could not be the sole basis of addition without conducting proper enquiry and examination.
Supported:Fair Invest Ltd. (2013) 357 ITR 146 (Del) : 2013 TaxPub(DT) 912 (Del-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15 & 2015-16
 SUBSCRIBE FOR FULL CONTENT
|