Assessee’s direct involvement in price rigging need to be conclusively proved besides the broker’s involvemen for taxation U/s 68
Recently, Bombay HC in the case of Indravadan Jain HUF has held as under:
“In order to treat exempt long-term capital gain earned from sale of shares as accommodation entry under section 68, the assessee’s direct involvement in price rigging of the scrip should be conclusively proved besides the broker’s involvement.”
The copy of the order is as under:
