Share transaction through banking channels on stock exchange with STT payment not bogus

PCIT Vs Rajat Finvest (Delhi High Court) The observation of the Assessing Officer, that the funds which flowed from REI in the form of unsecured loans to six companies, which were located in Gujarat, were unaccounted income of the respondent/assessee, appears to be based on assumptions and/or conjectures. We were shown no material to back the conclusion arrived at by the AO. According to us, the appellant/revenue could not have bifurcated the purchase and sale transactions. Concededly, when the shares were purchased for trading purposes in earlier years, the profits so generated were accepted,...