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Capital gain cannot be treated as bogus merely on warning letter of SEBI without any incriminating material
Case Law Details
- Case Name
- DCIT Vs Avinash Singla (ITAT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Chandigarh
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DCIT Vs Avinash Singla (ITAT Chandigarh)
ITAT Chandigarh held that treating capital gains earned on sale of shares as bogus merely on the basis of warning letter of SEBI without any incriminating material found during course of search demonstrating transaction as bogus is unjustified. Accordingly, appeal of revenue dismissed.
Facts- During course of search a warning letter from SEBI was found, wherein, SEBI has apprised that Assessee had received share of Turbotech Engineering Ltd. in-off market from entities connected to the company and sold these shares in the on-market. The prices of these ...
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