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Addition u/s 68 sustained for LTCG exemption from bogus co. share
Case Law Details
- Case Name
- Zeeshan Azizmohmed Shaikh Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014–15
- Courts
- All ITAT, ITAT Mumbai
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Zeeshan Azizmohmed Shaikh Vs ITO (ITAT Mumbai)
Both SEBI and BSE corroborated the fact that Kailash Auto Finance Ltd was not a genuine company – LTCG exemption u/s 10(38) denied – addition u/s 68 sustained
Facts- The assessee is an individual and is engaged in the business of trading in paper. The assessee filed its return of income declaring a total income of Rs. 10,57,900. During the course of assessment proceedings, it was observed that the assessee has sold 1,27,000 shares of Kailash Auto Finance Limited for trade value of Rs. 50,11,000 (including commission paid for t...
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