CIT v. Bhagwati Prasad Agarwal( Cal ) (HC ) (www.itatonline.org)

S.45: Capital gains – Suspicious transaction in shares- Penny stocks- Chain of transactions have been proved by evidence such as contract notes, DEMAT account , and payments through banking channel-Addition cannot be made as cash credits .[ S. 68 ]

Dismissing the appeal of the revenue the Court held that ,it was found that  Chain of transactions  have been proved by  evidence such as  contract notes,  DEMAT account , and payments through banking channel.  Order of the tribunal is affirmed .      ( ITA No 22 of 2009 dt. 29-04 2009)

(Note : Since the judgement is not reported , it is being posted now .)

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