AO failed to conduct proper inquiry regarding alleged bogus long ...

AO failed to inquire alleged bogus LTCG, not examining bankers, brokers, Demat agencies, source of funds, synchronized trades.

Case Laws Income Tax

July 25, 2024

AO failed to conduct proper inquiry regarding alleged bogus long term capital gain by not examining bankers, brokers, Demat agencies involved in transactions, ascertaining source of funds, verifying synchronized trades, summoning person who deposited cheques in assessee's account. Connivance of bankers, brokers, Demat agencies suspected in such scams. AO directed to make larger inquiry, summon relevant parties, determine real income and rightful assessee. Matter remanded to AO for fresh adjudication after due inquiry, providing fair opportunity to assessee. Appeal allowed.

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AO failed to conduct proper inquiry regarding alleged bogus long ...

AO failed to inquire alleged bogus LTCG, not examining bankers, brokers, Demat agencies, source of funds, synchronized trades.

Case Laws Income Tax

July 25, 2024

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