Share Profit cannot be treated bogus for fabulous return in Short Time

In the Assessment Year in question the Assessee claimed that he had sold the shares of four companies, namely, M/s Alang Industrial Gases Ltd., Mobile Telecommunication Ltd., M/s Rashel Agrotech Ltd. and M/s. Sentil Agrotech Ltd, which were purchased during the year 1999­-2000 and 2000-­2001. The entire sale consideration amounting to Rs.1,41,08,484/­ was utilised for the   purchase of a flat at Colaba, Mumbai and accordingly benefit of section 54E of the Income Tax Act, 1961 was claimed. The Assessing Officer has held that neither the purchase nor sale of shares were genuine and that the...