TaxTMI 
TaxTMI 
2022 (11) TMI 881
X X X X Extracts X X X X
X X X X Extracts X X X X
....is 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. 8,97,990/-. The case of the assessee was select....
X X X X Extracts X X X X
X X X X Extracts X X X X
....evenue 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 unexplained expenditure towards payment of broke....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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 operations. It was also found that the share bro....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on'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 bogus and confirmed the addition made by the ld. AO u/s....