2024 (2) TMI 1488

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.... Khandelwal For the Respondent : ORDER AVNEESH JHINGAN,J (ORAL): 1. This appeal under Section 260A of Income Tax Act is filed against the order dated 03.04.2023 passed by Income Tax Appellate Tribunal, Jaipur Bench, Jaipur (for short 'Tribunal') allowing the appeal of the respondent. 2. Following substantial questions of law have been proposed:- "(i) Whether the Tribunal was justified in d....

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....iring accommodation entry ignoring that such type of synchronized trading is violation of transparent norms of trading in securities?" 3. The brief facts of the case are that the respondent for assessment year 2015-2016 filed an income tax return declaring income of Rs. 5,48,200/-. The case was taken up in scrutiny and vide order dated 21.12.2017 an addition of Rs. 31,70,080/- was made on account....

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....rther argued that the steep rise in shares prices within a short period creates a doubt on the transaction which was not supported by any document. 5. The Tribunal while allowing the appeal took into consideration that 12500 shares of the company were purchased by the respondent in financial year 2012-2013 for an amount of Rs. 1,87,500/-. After more than one year, on sale of the shares, responden....