Ziauddin A .Siddique v JCIT ( Mum) (Trib) www.itatonline .org Editorial . Appeal of assessee is admitted , Zuddin A .Siddique v JCIT (Bom) (HC) ( ITA No. 287 of 2015 dt 31-10-2017 )

S.68: Cash credits – Suspicious transaction in shares- Penny stocks -Capital gains – Increase of 432% with in six months without any economic or technical basis -Purchasers could not be located-Transfer deeds did not bear the names or other particulars of the sellers-Prices on exchange was manipulated by two brokers in a systematic manner -Seller , broker , purchasers are located in different cities – Purchase and sale transactions in shares have been executed off market without in fact even fulfilling the reporting requirements in respect thereof under the regulatory frame work .- Additions confirmed as cash credits treating the transactions as bogus . [ S.45, 54F ]