31000% increase in share value can be suspicious but cannot be evidence

Prakash Chand Bhutoria Vs. ITO (ITAT Kolkata)

A perusal of the order of the AO demonstrates that this addition was made merely on “suspicion” and in a routine and mechanical manner. This is clear from the fact that the AO refers to some ‘Sharp Trading Compnay’ as one of the main ,manipulated company and whereas the assessee sold scrips in Unno Industries Ltd. The AO refers to various enquiries made by “The Directors of Income Tax” , Kolkata on project basis and that this resulted into unearthin

Please become a Premium member. If you are already a Premium member, login here to access the full content.