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Violation of SEBI regulations by broker would not make assessee’s share transactions bogus
Case Law Details
- Case Name
- ITO Vs. M/s Arvind Kumar Jain HUF (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005-06
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs. M/s Arvind Kumar Jain HUF (ITAT Mumbai)
In Shyam R. Pawar (supra), it has been held by the Hon’ble Bombay High Court that where DMAT account and contract note showed details of share transaction, and Assessing Officer had not proved said transaction as bogus, capital gain earned on said transaction could not be treated as unaccounted income u/s 68.
In the case of Arun Kumar Agarwal (HUF) (supra), the Hon’ble Jharkhand High Court has held that where assessee’s broker share transaction was bone fide in all respect, merely because share broker was tainted violating SEBI regulations...
