Genuineness of Share Transaction cannot be suspected merely for Irregularities of Share Broker

Jaymin Kiritbhai Sanghvi Vs ITO (ITAT Mumbai)

We noticed that the tax authorities have mainly placed reliance on the report furnished by BSE. It is the fact that the assessee has not directly undertaken transactions on the platform of BSE, i.e., he has purchased and sold shares through an authorized broker named DPS Shares and Securities P. The above said broker has confirmed the genuineness of purchase and sale of shares by the assessee by filing an affidavit. In view of the affidavit so filed, Assessing Officer has examined the authorized person of DP

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