2018 (9) TMI 709

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....ppeals by two distinct Appellants preferred against the two separate orders of the Ld. CIT(A), Meerut dated 22.12.2017 pertaining to assessment year 2014-15. Since the underline facts in issues are identical in the case of both the appellants, therefore, I deem it fit to dispose off both the appeals by this common order for the sake of convenience and brevity. 2. The Representatives of both the s....

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....ot convinced with the submissions of the assessee, the AO proceeded by presuming that the entire transactions related to penny stock and the capital gains so generated is bogus. Being frustrated by the repetitive queries of the AO the Assessee surrendered the claim of exemption and offered the entire capital gains for taxation. The assessment was completed accordingly. However, the AO initiated pe....

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.... counsel that the penalty so levied deserve to be deleted. Per contra the Ld. DR strongly supported the findings of the lower authorities. 4. I have given the thoughtful consideration to the orders of the authorities below. I find that in the computation of income the assessee has duly disclosed all the particulars of her income and under the head "Income with full exemption" the assessee has cla....