https://www.taxtmi.com/caselaws?id=343245 The dominant issue was whether gains from sale of certain shares were genuine long-term capital gains or income arising from a sham arrangement to introduce undisclosed income. The AO, CIT(A) and ITAT concurrently found that shares acquired at nominal prices were sold within about a year at an implausibly high price without any economic or financial basis; the broker failed to furnish purchaser particulars; and the taxpayer produced no cogent evidence explaining the extraordinary price rise, supporting an inference of a dubious transaction. Treating these as pure findings of fact based on record, the HC declined interference and upheld assessment of the receipts as business income, dismissing the taxpayer's challenge. en-us Mon, 10 Apr 2017 00:00:00 +0530 Thu, 01 Jan 2026 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343245 The dominant issue was whether gains from sale of certain shares were genuine long-term capital gains or income arising from a sham arrangement to introduce undisclosed income. The AO, CIT(A) and ITAT concurrently found that shares acquired at nominal prices were sold within about a year at an implausibly high price without any economic or financial basis; the broker failed to furnish purchaser particulars; and the taxpayer produced no cogent evidence explaining the extraordinary price rise, supporting an inference of a dubious transaction. Treating these as pure findings of fact based on record, the HC declined interference and upheld assessment of the receipts as business income, dismissing the taxpayer's challenge. Case-Laws Income Tax Mon, 10 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343245