Stock purchased through proper platform, genuineness can not be doubted without evidence-ITAT Mumbai

Hiren D. Kubadia HUF Vs ITO (ITAT Mumbai) In a recent ruling ITAT Mumbai have held that genuineness of sale and purchase of share through stock exchange platform, can not be doubted if AO failed to establish link between assesssee and report of investigation wing. Assessee during the AY 2013-14 purchased shares of M/s.Tuni Textiles Ltd, which were received in Demat account of the assessee. Subsequently, the face value of shares was split from Rs.10/- per share to Re.1/- per share, resulting into increase in holding to 50000 shares. The assessee sold all the shares for an aggregate sale value o...