2022 (12) TMI 1347

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....law. 2. For that on the facts and circumstances of the case the Ld. C,I.T(A) erred in confirming the action of the AO in treating the sale consideration of shares of M/s. Unishire Urban Infra Limited on which long term capital gain was shown as unexplained cash credit u/s. 68 of the I.T. Act 3. For that the Ld. CXT(A) erred in confirming the addition u/s. 68 when all the evidences were filed to prove the genuineness of the transactions and the addition made simply on suspicion on the basis of information from the Investigation Wing is unjustified and not in accordance with law. 4. For that the Ld. C.I.T(A) erred in confirming the addition u/s. 68 when he should have examined the persons whose statement have been relied upon by him ....

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....assessee however the assessee is vociferously praying for allowing the short term loss sustained on sale of shares of Rs. 66,16,432/- which was arising from the sale of penny stocks which was rejected by the AO. The Ld. A.R. submitted that though the quantification of short term loss was not in dispute and has been examined by the AO, and given a finding that this loss was bogus loss and thus denied setting off of the said loss of Rs. 66,16,432/- against long term capital gain which may be allowed as any income has to be assessed only after computation of various positive and negative income arising from the same source of income. 5. Facts in brief are that during the assessment, the assessee filed return of income on 31.07.2014 showing to....