Case Law Details
CIT Vs M/s. Alpine investments (Calcutta High Court)
Section 68 Bogus Capital Gains From Penny Stocks:
It appears that the share loss and the whole transactions were supported by contract notes, bills and were carried out through recognized stockbroker of the Calcutta Stock Exchange and all the payments made to the stockbroker and all the payments received from stockbroker through account payee instruments, which were also filed in accordance with the assessment.
It appears from the facts and materials placed before the Tribunal and after examining the same the Tribunal came to the conclusion and allowed the appeal filed by the assessee. In doing so, the Tribunal held that the transaction fully supported by the documentary evidences could not be brushed aside on suspicion and surmises. However, it was held that the transactions of share are genuine. Therefore, we do not find that there is any reason to hold that there is any substantial question of law involved in this matter. Hence, the appeal being ITA No.620 of 2008 is dismissed.
Explore the Calcutta High Court’s ruling on CIT Vs. M/s. Alpine Investments, addressing Section 68 regarding Bogus Capital Gains from Penny Stocks. Discover how the court emphasized the significance of documentary evidence, including contract notes and bills, supporting share transactions. Despite initial suspicions, the Tribunal dismissed the appeal (ITA No.620 of 2008), concluding that the transactions were genuine. Delve into the detailed order/judgment and understand the court’s reasoning. Get insights into the case’s background, the search and seizure operation, and the subsequent assessment proceedings.
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