2022 (6) TMI 565

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....0.2019 of learned Commissioner of Income Tax (Appeals) -17, New Delhi, for the assessment year 2015-16. 2. When the appeal was called out for hearing, none appeared for the assessee. On perusal of record, it is observed, this appeal was earlier fixed for hearing on 25.03.2021, 15.06.2021, 01.09.2021, 30.11.2021, 02.03.2022, however, on none of these dates, either the assessee appeared or filed ....

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....d to the assessee, I am of the view that the assessee does not deserve any further opportunity to represent its case. Accordingly, I proceed to dispose of the appeal ex-parte qua the assessee after hearing the learned Departmental Representative and based on the materials on record. 3. Grounds raised by the assessee relate to addition of Rs.29,18,507/- made under section 68 of the Act and furth....

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....l price of Rs.25 per share for a total consideration of Rs.1,50,000/-. Whereas, at the time of sale of shares, the price has increased astronomically by almost 1945%. Further, he found that as per investigation conducted by Investigation Wing of the department at various places, it was found that this company is a penny stock company. Thus, based on such information available on record, he called ....

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.... by the departmental authorities, it is observed, as per the investigation conducted in relation to the shares of the company, on which, the assessee offered long term capital gain, it was found that it is a penny stock company. It was also found that due to price manipulation and rigging, there was astronomical increase in the price of the shares. As it appears from the facts on record, the asses....