Dismissing the appeal of the revenue the Tribunal held that ; purchases of shares in earlier years were not doubted .Shares were sold through DEMAT account. Accordingly the addition cannot be made as cash credits. Burden is on revenue to prove that the transaction is not genuine . ( ITA No 4077/ Mum/2013 dt.22-03-2016 (AY.2006 07 & 2009-10))
DCIT v. Anil Kaniya ( Mum) (Trib)www.itatonline.org
S.45: Capital gains- Suspicious transaction in shares- Penny stocks- Purchases of earlier years were not doubted – Shares were sold through DEMAT account- Addition cannot be made as cash credits- Burden is on revenue .[ S.68 ]