Taxpayer's income cannot be labeled fraudulent without specific evidence of collusion with entry operators or stock brokers.

Taxpayer's income cannot be labeled fraudulent without specific evidence of collusion with entry operators or stock brokers. https://www.taxtmi.com/highlights?id=67528 Bogus transaction in the scrip - bogus LTCG - Onus to prove - Income generated by the assessee cannot be held bogus only on the basis of the modus operandi, generalisation, and assumptions of certain facts. In order to hold income earned or loss incurred by the assessee as bogus, specific evidence has to be brought on record by the Revenue to prove that the assessee was involved in the collusion with the entry operator/stock brokers for such an arrangements. - AT en-us Fri, 06 Jan 2023 15:26:21 +0530 Fri, 06 Jan 2023 15:26:21 +0530 TaxTMI RSS Generator Taxpayer's income cannot be labeled fraudulent without specific evidence of collusion with entry operators or stock brokers. https://www.taxtmi.com/highlights?id=67528 Bogus transaction in the scrip - bogus LTCG - Onus to prove - Income generated by the assessee cannot be held bogus only on the basis of the modus operandi, generalisation, and assumptions of certain facts. In order to hold income earned or loss incurred by the assessee as bogus, specific evidence has to be brought on record by the Revenue to prove that the assessee was involved in the collusion with the entry operator/stock brokers for such an arrangements. - AT Highlights Income Tax Fri, 06 Jan 2023 15:26:21 +0530 https://www.taxtmi.com/highlights?id=67528