2022 (11) TMI 881

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....R Per Shri Sonjoy Sarma , JM : This is the appeal preferred by the assessee against the order of the Ld. Commissioner of Income Tax(Appeals), Burdwan (hereinafter referred to as the Ld. CIT(A)"] dated 13.12.2018 for the AY 2015-16. 2. The brief facts of the case are that the assessee is an individual and the assessee filed her return of income for the assessment year 2014-15 at Rs. 8,97,9....

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....rom stock investment and to defraud the revenue by claiming exemption u/s 10(38) of the I.T. Act against such transaction. Accordingly, he added the entire amount of Rs. 44,59,870/- in the hands of the assessee and consider as unexplained cash credit u/s 68 of the Act in the hands of assessee. Besides that the AO added Rs. 1,33,796/- addition u/s 69C of the Act in the hands of assessee as unexp....

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....ash Auto Finance Ltd. and the share price of said company witnessed a drastic and sharp increase in a very short span of time without having sufficient reason for such increase in price. While framing the assessment referred to the information from Directorate of Income Tax (Investigation), Kolkata, which had unearthed a large economic scam of tax evasion in July 2013 conducting search and seizure....

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.... findings of authorities below on this issue. The Hon'ble Jurisdictional High Court in the case of Swati Bajaj supra under similar set of facts considering report of Directorate of Income Tax (Investigation), Kolkata and also poor financials of the penny stock companies but having sharp, drastic and abnormal increase in share price, held such long term capital gain from sale of such shares as bogu....