Case Law Details
Case Name : Mr. Sanjiv Shroff Vs ACIT (ITAT Kolkata)
Appeal Number : ITA No. 1197/Kol/2018
Date of Judgement/Order : 02/01/2019
Related Assessment Year : 2014-15
Courts :
All ITAT ITAT Kolkata
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Mr. Sanjiv Shroff Vs ACIT (ITAT Kolkata)
Conclusion: When the nature and source of the money is explained with all supporting documents the question of treating the said gain as unexplained cash credit under section 68 of the Act cannot arise unless the AO is able to find fault/infirmity with the same.
The transactions were all through account payee cheques and reflected in the books of accounts. The purchase of shares and the sale of shares were also reflected in Demat account statements. The sale of shares suffered STT, brokerage etc. In the facts and circumstances of the case, it cannot be held that the transactions were bogus.
Facts:
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