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Share transaction via stock exchange evidenced by broker’s note not Bogus unless revenue prove otherwise
Case Law Details
- Case Name
- Sri Lal A. Khemani Vs. The Income Tax Officer (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004- 05
- Courts
- All ITAT, ITAT Hyderabad
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Sri Lal A. Khemani Vs. ITO (ITAT Hyderabad)
There is no dispute that assessee had purchased shares through stock exchange as evidenced by the broker’s note and also sold through stock exchange by way of another broker’s note. Both of which contain the transaction details, time of transaction along with STT paid. There is no indication that these transactions are bogus, either through statement of Shri Mukesh Choski (Choksi ?) or through independent inquiries by the AO. Just because Shri Mukesh Choski has given a statement that he was in the business of providing accommodation entries throu...
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