EPSILON ADVISORS P. LTD.,,BANGALORE vs. CIT, BANGALORE
In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed
ITA 1607/BANG/2014[2006-07]Status: DisposedITAT Bangalore29 Nov 2018AY 2006-07
Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia
For Appellant: Shri S. Parthasarathi, AdvocateFor Respondent: Shri K.V. Arvind, Standing Counsel
Section 143(3)Section 147Section 271
bogus and manufactured capital losses cannot be allowed as a deduction and needs to be disallowed. On account of this, the entire short term capital losses claimed of Rs. 117,76,40,000/ - needs to be disallowed and added to the income returned by the assessee for the year.
14. On account of the facts and circumstances as above
