Income Tax Exemption cannot be granted since Share Transactions found as Sham and Used as a Device to Make Undisclosed Income Accountable: ITAT [Read Order]

By Taxscan Team - On December 3, 2022 12:33 pm - 2 mins read
Income Tax Exemption - income - Share Transactions - Undisclosed Income - Income tax- ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT) Pune Bench recently in an appeal held that income tax exemption cannot be granted since share transactions are found as sham and used as a device to make undisclosed Income accountable. Assessee Abhishek Ashok Lohade earns Income from the execution of contracts. He filed the return of Income for…

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