https://www.taxtmi.com/caselaws?id=61590 Proceedings under section 158BD read with section 158BC are stated to be sustainable where search material from a third party shows disclosed share transactions to be bogus, even if the assessee had reported them in the regular return. The controlling factor is the existence of incriminating material found in search, not the mere prior disclosure of the transaction. On the facts discussed, the search revealed paper share dealings used to generate bogus capital gains or losses, and the assessee's claim was linked to that material through the property investment. en-us Thu, 11 Aug 2005 00:00:00 +0530 Thu, 13 Jan 2011 14:47:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61590 Proceedings under section 158BD read with section 158BC are stated to be sustainable where search material from a third party shows disclosed share transactions to be bogus, even if the assessee had reported them in the regular return. The controlling factor is the existence of incriminating material found in search, not the mere prior disclosure of the transaction. On the facts discussed, the search revealed paper share dealings used to generate bogus capital gains or losses, and the assessee's claim was linked to that material through the property investment. Case-Laws Income Tax Thu, 11 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61590