2019 (6) TMI 1699

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....69A of the Act by treating the income under the head 'Short Term Capital Gain' declared by the assessee as bogus by applying provision of Section 115BEE and taxing it @ 30%. 2. The facts in brief are that assessee is a doctor by profession and has declared income by way of income from profession, income from salary and income from other sources. Besides this, assessee has also declared 'Short Term Capital Gain on sale of several scrips at Rs.16,01,696/- and Long Term Capital Gain at Rs.9,46,457/- after indexation on sale of shares. The Assessee has been regular investor in shares and has been showing capital gain from such shares every year. In so far as the issue relating to Short Term Capital of Rs.1,23,273/-, the assessee had shown th....

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....o noted one important fact that assessee was engaged in trading shares, and therefore, was well aware of ups and downs of share market and how such a person can make investment in company with no financial understanding and dismal future prospects. 4. Ld. CIT (A) too has confirmed the said addition. 5. After hearing both the parties and on perusal of the impugned material placed on record, we find that firstly, assessee has been regular investor in shares and had shown Long Term Capital Gain and Short Term Capital Gain in sale of several scrips. The only controversy is only to the extent of Short Term Capital Gain of Rs. 1,23,173/- which has been treated as bogus. Neither the purchase nor the sale has been doubted for the reason that ....