No addition u/s 68 of short-term capital loss merely on Investigation Wing report

Nicholson Vanijya (P) Ltd. Vs ITO (ITAT Kolkata) Conclusion: Addition under section 68 of short term capital loss on sale of shares alleged as bogus on the basis of investigation wing report was not justified as the transaction of purchase and sale of shares were supported and evidenced by Bills, Contract Notes, Demat statements and bank statements, ledger accounts of brokers and payment of STT, etc., and the transactions of purchase of shares were accepted by AO in earlier years. Held: Assessee had interest receipt of Rs. 30,99,300/-. AO noted that assessee had purchased shares of M/s. S Lt...