https://www.taxtmi.com/caselaws?id=761980 ITAT Kolkata held that shares purchased through registered broker with payment of securities transaction tax and service tax could not be treated as bogus transactions where no sale occurred during the relevant financial year. The tribunal relied on precedent establishing that without evidence of actual sale, purchase transactions remain legitimate. Appeal succeeded on bogus transaction issue. Regarding incorrect TDS credit, matter was remanded to AO for verification with direction to allow credit per law after assessee provides necessary evidence, as this ground was not adjudicated by CIT(A). en-us Tue, 19 Nov 2024 00:00:00 +0530 Wed, 20 Nov 2024 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761980 ITAT Kolkata held that shares purchased through registered broker with payment of securities transaction tax and service tax could not be treated as bogus transactions where no sale occurred during the relevant financial year. The tribunal relied on precedent establishing that without evidence of actual sale, purchase transactions remain legitimate. Appeal succeeded on bogus transaction issue. Regarding incorrect TDS credit, matter was remanded to AO for verification with direction to allow credit per law after assessee provides necessary evidence, as this ground was not adjudicated by CIT(A). Case-Laws Income Tax Tue, 19 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761980