Discrepancy in ROC records cannot be reason for treating sale of shares as sham transaction

Saumya Mittal Vs ACIT (ITAT Delhi)

ITAT Delhi held that doubting the whole transaction of sale of shares as sham transaction merely on the basis of discrepancy in the record maintained by ROC not justifiable. Accordingly, appeal allowed stating that suspicion howsoever strong cannot taken place of evidence.

Facts- During the impugned AY, the Assessee was a Managing Director in M/s Eurobearings India Pvt. Limited and a partner in M/s Ultratech Engineers Inc. On 28.03.2018, the Assessee sold 135,86,332 shares of EUBI for Rs. 74,72,480/- which were acquired for

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