https://www.taxtmi.com/highlights?id=73535 Bogus short-term capital loss on sale of shares - AO simply proceeded on the basis of the financials of the company to come to the conclusion that the transactions were accommodation entries, and thus, fictitious. The conclusion drawn by the AO, that there was an agreement to convert unaccounted money by taking fictitious LTCG in a pre-planned manner, is therefore entirely unsupported by any material on record. This finding is thus purely an assumption based on conjecture made by the AO. - AT en-us Tue, 12 Dec 2023 09:03:08 +0530 Tue, 12 Dec 2023 09:03:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=73535 Bogus short-term capital loss on sale of shares - AO simply proceeded on the basis of the financials of the company to come to the conclusion that the transactions were accommodation entries, and thus, fictitious. The conclusion drawn by the AO, that there was an agreement to convert unaccounted money by taking fictitious LTCG in a pre-planned manner, is therefore entirely unsupported by any material on record. This finding is thus purely an assumption based on conjecture made by the AO. - AT Highlights Income Tax Tue, 12 Dec 2023 09:03:08 +0530 https://www.taxtmi.com/highlights?id=73535