The AO based on the report\u00a0 of the Investigation wing held that the transaction was bogus and denied the exemption and assessed as unaccounted income . On appeal the CIT(A) allowed the claim of the assessee. Appeal of the Revenue the Tribunal held that when the shares\u00a0 were purchased for trading purposes in earlier years , the profit generated was accepted as genuine\u00a0 and when these scripts were converted in to investment and sold during the year and sold\u00a0 they could not be treated as bogus\u00a0 transactions . The fact that shares were traded\u00a0 on stock exchange after paying securities transaction tax and money had been received through banking channels demonstrated that they were not bogus transactions . Tribunal affirmed the order\u00a0 of CIT(A). On appeal by the Revenue High Court affirmed the Order of Tribunal . ( ITA No.\u00a0 13 of 2023\/ ITA No. 14 of 2023\u00a0 dt.\u00a0 12- 1023 ) (AY. 2008 -09\u00a0 2009 -10 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains \u2013 Long term capital gains \u2013 Unaccounted income \u2013Purchases accepted as genuine – Shares were traded on stock exchange after paying securities transaction tax and money had been received through banking channels – Capital gains cannot be assessed as bogus long term capital gains- Deletion of addition by the Tribunal is affirmed [ S. 10(38) 133A 260A ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-33289","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8EV","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=33289"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33289\/revisions"}],"predecessor-version":[{"id":58326,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33289\/revisions\/58326"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=33289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=33289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=33289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}