Allowing the appeal of the assessee the Tribunal held that ,when no defect in the papers support of the transactions, the suspension of the broker by SEBI will not hold the transaction invalid. Addition as cash credits is held to be not valid (ITA No. 935/Kol/2012 dt. 12/08/2016 )
Pavillion Commercial Pvt Limited v. ITO ( Kol) (Trib) (www.itatonline.org )
S.45: Capital gains – Suspicious transaction in shares- Penny stocks -No defect in the papers support of the transactions, the suspension of the broker by SEBI will not hold the transaction invalid- Addition as cash credits is held to be not valid .[ S.68 ]