Held that the assesssee has produced evidence to substantiate that she purchased and sold the shares at the stock exchange through brokers by paying and receiving the sale proceeds through her bank account, the addition as cash credit is not justified by making reference to the modus operandi of the bogus entry providers without giving any specific finding regarding the transactions carried by the assessee. (AY. 2011-12, 2016-17)
Mamta Mehta v. ITO (2023) 226 TTJ 97 (UO) (Mum)(Trib)
S. 68 : Cash credits-Share transaction-Sale of shares of Parraneta Industries Ltd (Known as Aadhar Ventures Ltd)-Report from Investigation wing-Capital gain-Penny stock-Accommodation entries-Shirish C. Shah-No specific finding against the assessee-Addition is deleted-Entitle to exemption. [ S. 10(38), 45]