Share transaction via stock exchange evidenced by broker’s note not Bogus unless revenue prove otherwise

Sri Lal A. Khemani Vs. ITO (ITAT Hyderabad) There is no dispute that assessee had purchased shares through stock exchange as evidenced by the broker’s note and also sold through stock exchange by way of another broker’s note. Both of which contain the transaction details, time of transaction along with STT paid. There is no indication that these transactions are bogus, either through statement of Shri Mukesh Choski (Choksi ?) or through independent inquiries by the AO. Just because Shri Mukesh Choski has given a statement that he was in the business of providing accommodation entries throu...