HC Upholds Addition on Bogus Share Transactions Due to Rapid, Structured Dealings

Balbir Chand Maini Vs Commissioner of Income Tax (Punjab & Haryana high court) The Punjab and Haryana High Court dismissed the appeal of Balbir Chand Maini against the Income Tax Appellate Tribunal (ITAT) Chandigarh’s order. The case originated from a reassessment for the assessment year 1998-99, initiated under Section 148 of the Income-tax Act, 1961. The Assessing Officer (AO) had added ₹12,47,500 to the assessee’s income as undisclosed sources, concluding that the sale of 24,000 shares of M/s. Ankur International at ₹55 per share was not genuine, despite the assessee hav...