Dismissing the appeal of the revenue the Tribunal held that, Assuming brokers may have done manipulation, assessee cannot be held liable when the entire transaction is done through banking channels duly recorded in Demat accounts with Govt depository and traded on stock exchange Nothing on record to suggest assessee gave cash and purchased cheque from broker. (Sanjay Bimalchand Jain ITA No 18 of 2017)dt. 10-4-2017 (Bom) HC) distinguished). (ITA. Nos. 93 to 99/RPR/2014, dt. 16.04.2018) (AY. 2004-05)
DCIT v. Rakesh Saraogi & Sons (HUF) (Raipur)(Trib), www.itatonline.org
S. 45 : Capial gains-Penny Stocks-Assuming brokers may have done manipulation, assessee cannot be held liable when the entire transaction is done through banking channels duly recorded in Demat accounts with Govt depository and traded on stock exchange-Nothing on record to suggest assessee gave cash and purchased cheque from broker- (Sanjay Bimalchand Jain ITA No 18 of 2017) dt. 10-4-2017 (Bom.) (HC) is distinguished). [S.10(38)]