Addition for Bogus capital Gain cannot be made merely based on Statement of Assessee

CIT Vs Pooja Agarwal (Rajasthan High Court)

One of the main reasons for not accepting the genuineness of the transactions declared by the appellant that at the time of survey the appellant in his statement denied having made any transactions in shares. However, subsequently the facts came on record that the appellant had transacted not only in the shares which are disputed but shares of various other companies like Satyam Computers, HCL, IPCL, BPCL and Tata Tea etc.

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