PRINCIPAL COMMISSIONER OF INCOME TAX-5, KOLKATA vs. SHRI MAHENDRA KUMAR PERIWAL
In the result, these appeals are allowed and the substantial
ITAT/136/2021HC Calcutta14 Jun 2022
Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA
gains claim were to be treated as fictitious and
bogus. Finally, the CIT(A) concludes by observing that the fantastic sale price
was not at all possible as there was no economic or financial basis to justify
the price-rise, the assessee had indulged in a dubious share transaction
meant to account for the undisclosed income in the guise
