2023 (6) TMI 837

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....JUSTICE DEVAN M. DESAI Appearance: For the Appellant(s) No. 1 : MR. VARUN K. PATEL (3802)   For the Opponent(s) No. 1 ORAL ORDER (PER : HONOURABLE MR. JUSTICE DEVAN M. DESAI) [1] This Tax Appeal is filed under Section 260A of the Income Tax Act, 1961 and the same is arising out of the order passed by the Income Tax Appellate Tribunal dated 28.10.2022 in ITA No. 221/2021 for ....

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.... of bogus loss incurred in penny stock without appreciating the transaction, which was according to the appellant, the same transaction carried out through penny script company. Learned advocate for the appellant has further submitted that the information received from the Investigation Wing that the assessee made transaction with penny stock script M/s. VAS Infrastructure Ltd. ('VASIL' for short)....

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....erved in the impugned order that the assessee is continuously dealing in share trading of various shares/scripts and the said fact is not disputed. The Tribunal has further observed that the script of M/s. VAS Infrastructure Ltd. was not black listed by the SEBI at the relevant point of time. The Tribunal has also considered the order passed by the SEBI and has observed that in the said order of S....

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.... The report of investigation wing is much later than the dates of purchase/sale of shares and the order of SEBI is also much later than the date of transaction and the order of SEBI nowhere stated that the transaction at earlier dates as void. [6] The Tribunal has also observed that the entire transaction of purchase and sale of the scripts was through National Stock Exchange or Bombay Stock Ex....