Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Loss on share trading couldn't be disallowed alleging it as bogus if all transactions were carried on stock exchange

Where transactions of purchase and sale of shares was made by assessee through registered stock exchange at prevailing market prices after duly suffering STT and assessee had furnished all primary evidences in form of trade files, contract rates, demat statements and bank statements to prove genuineness of said transactions, loss incurred on such transactions could not be disallowed treating same to be bogus

Refer:[2019] 105 taxmann.com 129 (Kolkata - Trib.)

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