INCOME TAX LAWS
Here are some important direct tax case laws which were passed recently - It may be helpful in proceeding of Appeal before Supreme Court, High Court, Income Tax Appellate Tribunal (ITAT), and CIT (A). Also helpfully for Assessment & Reassessment cases. 1. Capital Gain - Bogus capital gains from penny stocks: If the holding of shares is D-mat account cannot be disputed then the transaction cannot be held as bogus. The AO has also not disputed the sale of shares from the D-mat account of the assessee and the sale consideration was directly credited to the bank account of the assessee. Once the assessee produced all relevant evidence to substantiate the transaction of purchase, dematerialization and sale of shares then, in the absence of any contrary material brought on record the same cannot be held as bogus transaction merely on the basis of statement of one Anil Agrawal recorded by the Investigation Wing, Kolk