TaxTMI 
TaxTMI 
2022 (12) TMI 384
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....istry has informed that the appeal is time barred by 247 days. Condonation application has been filed by the assessee( which is available on record). Perusal of the same shows that the delay was on account of COVID-19 restrictions. We, therefore, in view of the judgment of The Hon 'ble Supreme Court vide Miscellaneous Application No. 21 of 2022 find that the limitation period in filing appeal between 15.03.2020 till 28.02.2022 has been excluded for calculating the limitation period. Since the period of limitation in the case of the assessee falls during this period, the same deserves to be excluded and we, therefore, condone the delay of 247 days and admit the appeal for adjudication. 3. The assessee has raised the following grounds of....
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....te and proper enquiry regarding examination of claim of exemption u/s. 10(38) of the Act and also not considering the information received from Directorate of Income Tax (Investigation), Kolkata as per which the said company, M/s. CCL International Ltd was found to be a penny stock company and that the alleged long term capital gain of Rs. 72,30,715/- is a bogus claim. The ld.PCIT held that since the ld. AO has not examined these details about such transaction, the assessment order u/s. 143(3) dt. 25.05.2017 is erroneous so far as pre judicial to the interest of the revenue. 6. Aggrieved, the assessee is now in appeal before this Tribunal. 7. During the course of hearing the assessee was asked as to why not the judgment of the Hon'ble Jur....
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....ed 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 brokers and entry operators were involved in manipulation of market price of such penny stock. 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 bogus and confirmed the addition made by the ld. AO u/s. 68 of the Act and also c....