Bogus Sale Proceeds Reclassified as Short Term Capital Loss u/s 68; Additions Deleted by Authorities.

Bogus sale proceeds as undisclosed income - addition u/s 68 - all these transactions were through banking channels only and in that process assessee has suffered loss. - AO mechanically applied the informations received from investigation wing and proceeded to disallow the loss claimed by the assessee as well as proceeded to make the sale proceeds as undisclosed income. - Additions deleted - Claim allowed as Short Term Capital Loss - AT .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X