2024 (6) TMI 1068

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.... : For the Appellant : Mr. Pranit Bag, Adv. Mr. Anuj Kumar Mishra, Adv. Mr. Balaram Patra, Adv. For the Respondents : Mr. Amit Sharma, Adv. The Court : This appeal filed by the assessee under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated September 21, 2023, passed by the Income Tax Appellate Tribunal, 'A' Bench, Kolkata (Tribunal) in ITA No. 1782/K....

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....urt on Bajaj and others, reported in (2022) 139 Taxmann.com 351 (Cal) since the decision in Swati Bajaj was rendered in a factual scenario involving off market transactions and wherefrom inference cannot be drawn in the present facts and circumstances ? iii) Whether the Tribunal has failed to consider the report of the Securitisation and Exchange Board of India in its proper perspective s....

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....ugh the order passed by the CIT(A), we find that the CIT(A) has examined the factual aspects with regard to the trading of shares in a company called, Sulabh Engineers & Services Ltd. After examining the facts, the CIT(A) brought out the modus operandi and has recorded finding as to how the claim for long-term capital gain is a bogus claim. The conclusion arrived at by the Tribunal has also been s....

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.... be arrived at. Unfortunately, such exercise cannot be done by this Court in an appeal filed under Section 260A of the Act. Be that as it may, the reliance placed on the order passed by the adjudicating authority of the Securities and Exchange Board of India (SEBI) is thoroughly misplaced since the said order does not examine the specific transaction done by the assessee with respect to the shares....