https://www.taxtmi.com/caselaws?id=254634 HC upheld the Tribunal's deletion of addition under s.68 relating to share transactions, holding that the Revenue failed to establish that the impugned transactions were sham or bogus. Though the CIT relied on investigation reports suggesting a scheme by operators and brokers to convert unaccounted money into accounted income, the material did not specifically connect the assessee to such alleged accommodation entries. The Tribunal correctly noted that contract notes in prescribed stock exchange format, details from the Stock Exchange, and continued holding of other shares supported genuineness. As the investigation was not carried to its logical end and onus was not discharged by the Revenue, HC held no substantial question of law arose and decided against the Revenue. en-us Wed, 10 Dec 2014 00:00:00 +0530 Mon, 15 Dec 2025 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254634 HC upheld the Tribunal's deletion of addition under s.68 relating to share transactions, holding that the Revenue failed to establish that the impugned transactions were sham or bogus. Though the CIT relied on investigation reports suggesting a scheme by operators and brokers to convert unaccounted money into accounted income, the material did not specifically connect the assessee to such alleged accommodation entries. The Tribunal correctly noted that contract notes in prescribed stock exchange format, details from the Stock Exchange, and continued holding of other shares supported genuineness. As the investigation was not carried to its logical end and onus was not discharged by the Revenue, HC held no substantial question of law arose and decided against the Revenue. Case-Laws Income Tax Wed, 10 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254634