Bogus LTCG- HC upheld Reassessment notice after expiry of 4 Years

Kaushaliya Sampatlal Dudani Vs ITO (Gujarat High Court)

A bare perusal of the reasons recorded and further clarification of the information made by the revenue by way of affidavit in reply would make it clear that, the company Tuni Textile Ltd., was used in providing bogus accommodation entries of long term capital gain by certain entities like broker etc. Undisputedly, the assessee had purchased 30000 shares on 03.08.2010 at a total cost of Rs.55,500/­ and sold it on 20.03.2012, for total consideration of Rs.25,72,500/­.

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