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Share Transaction in Kolkata Shares cannot be held Bogus on mere suspicion
Case Law Details
- Case Name
- D.C.I.T, C.C-I, Kolkata Vs Sunita Khemka (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2001-02 to 2005-06
- Courts
- All ITAT, ITAT Kolkata
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D.C.I.T. Vs. Sunita Khemka (ITAT Kolkata)– The decisions of the Hon’ble Calcutta High Court in the case of CIT-Vs- Carbo Industrial Holdings Ltd (244 ITR 422) and CIT –Vs- Emerald Commercial Ltd (250 ITR 549) are relevant to the issue where the Hon ’ble Court has held that where the payments are made by Account Payee Cheques and the existence of the brokers is not disputed the assessee cannot be punished for the default of the brokers and share transactions cannot be held to be bogus. The Hon’ble ITAT, Kolkata in the case of Rajkumar Agarwal (ITA 1330/Kol/2007 dated 10/08/07) h...
Author Info
Govt. should take initiative to audit the orders passed by AOs and find out as to how many orders are being passed without application of mind, following proper course of law and ignoring set precedents / orders of higher authorities in another cases and book such AOs under criminal law for passing such orders.
Thorough questioning should be made as to why they have passed such orders resulting loss of money, time, energy of departments. Cat will come out of the bag if he has asked for bribe and assesse failed to pay and as a revenge he passed such orders.