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Bogus Share Deals: Section 68 Addition Limited to 2% Commission
Case Law Details
- Case Name
- Zany Share Trading Pvt. Ltd. Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Mumbai
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Zany Share Trading Pvt. Ltd. Vs ITO (ITAT Mumbai)
Bogus Share Transactions: ITAT Mumbai Restricts Section 68 Addition to 2% Commission for Conduit Company
The Mumbai ITAT (G-Bench) partly allowed the appeal of the assessee for AY 2010-11, holding that while the share transactions were non-genuine and pre-arranged accommodation entries, the assessee—being merely a conduit entity in a layered structure—could not be taxed on the entire value of the alleged short-term capital loss and gain under Section 68.
The Tribunal noted that the assessee had disclosed bogus short-term ca...
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