https://www.taxtmi.com/caselaws?id=771147 Calcutta HC allowed revenue's appeal against Tribunal's order in bogus capital gains case. Assessee claimed tax exemption u/s 10(38) on penny stock transactions but failed to provide documentary evidence. AO completed assessment after examining reply and return. NFAC dismissed assessee's appeal with elaborate reasoning citing SC decisions. Tribunal erroneously allowed assessee's appeal solely on ground that AO didn't apply mind, ignoring detailed reasoning by authorities. HC found Tribunal's conclusion factually incorrect and perverse, citing identical precedent. Revenue's appeal allowed, Tribunal's order set aside, NFAC's order restored. en-us Tue, 06 May 2025 00:00:00 +0530 Wed, 21 May 2025 08:29:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771147 Calcutta HC allowed revenue's appeal against Tribunal's order in bogus capital gains case. Assessee claimed tax exemption u/s 10(38) on penny stock transactions but failed to provide documentary evidence. AO completed assessment after examining reply and return. NFAC dismissed assessee's appeal with elaborate reasoning citing SC decisions. Tribunal erroneously allowed assessee's appeal solely on ground that AO didn't apply mind, ignoring detailed reasoning by authorities. HC found Tribunal's conclusion factually incorrect and perverse, citing identical precedent. Revenue's appeal allowed, Tribunal's order set aside, NFAC's order restored. Case-Laws Income Tax Tue, 06 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771147