https://www.taxtmi.com/caselaws?id=354344 The Punjab & Haryana HC decided against the revenue department in a case involving bogus share transactions and additions based on seized documents. Regarding alleged sham share transactions, the court upheld ITAT's decision deleting the addition, noting the AO failed to contradict facts about share purchases/sales. The assessee had transacted through a SEBI-registered broker with payments received through banking channels, and documentary evidence supported the assessee's position. For additions based on seized documents, the HC confirmed ITAT's deletion of the addition. The documents relied upon by the AO were not presented to the assessee during assessment proceedings. The CIT(A) found no correlation between amounts sought to be added and entries in those documents. The court determined this factual appreciation was neither perverse nor irrational, concluding no question of law arose. Both issues were decided in favor of the assessee. en-us Thu, 18 Jan 2018 00:00:00 +0530 Mon, 21 Jul 2025 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354344 The Punjab & Haryana HC decided against the revenue department in a case involving bogus share transactions and additions based on seized documents. Regarding alleged sham share transactions, the court upheld ITAT's decision deleting the addition, noting the AO failed to contradict facts about share purchases/sales. The assessee had transacted through a SEBI-registered broker with payments received through banking channels, and documentary evidence supported the assessee's position. For additions based on seized documents, the HC confirmed ITAT's deletion of the addition. The documents relied upon by the AO were not presented to the assessee during assessment proceedings. The CIT(A) found no correlation between amounts sought to be added and entries in those documents. The court determined this factual appreciation was neither perverse nor irrational, concluding no question of law arose. Both issues were decided in favor of the assessee. Case-Laws Income Tax Thu, 18 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354344