2021 (12) TMI 1406

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....YADAV, VICE PRESIDENT : The Revenue is in appeal before the Tribunal against the order of learned Commissioner of Income-tax (Appeals)-5, Ahmedabad ["CIT(A) in short] dated 17.07.2019 passed for Assessment Year 2011-12. Though the Revenue has taken 6 grounds of appeal, but its grievances revolve around a single issue viz. the learned CIT(A) has erred in deleting the addition of Rs.2,10,474/- mad....

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....ssessee has earned long term capital gain income on sale of shares of M/s. Devika Proteins Limited to the tune of Rs.2,10,474/- and the same was claimed as exempt u/s. 10(38) of the Act. The AO treated the entire transaction as Penny Stock transaction and thereby made addition Rs.2,10,474/- u/s.68 of the Act. 5.3 The appellant has given the evidence that the shares were bought for genuine inves....