Bogus Share Trades: STT & Demat Transfers Don’t Prove Genuineness

Roshniben Sumanlal Kapadia Vs ITO (ITAT Ahmedabad) Accommodation Entry Link Seals Fate- Synchronized Trading Exposed-  Demat & STT Not Enough – ITAT Ahmedabad Upholds Addition on Bogus Share Trades Assessee traded in shares of Safal Herbs Ltd. (earlier Parikh Herbals Ltd.). AO noted that assessee purchased only 50 shares for ₹23,452 but sold 4,350 shares for ₹15.80 lakh within a short period, declaring a loss of ₹2.58 lakh. Based on search findings against Jignesh Shah, an accommodation entry operator, AO held that these were synchronized/manipulated trades, part of a bogus entry...