2023 (3) TMI 1504

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....t the order passed by the Ld. CIT(Appeals)-10, Ahmedabad on 04.12.2019 for A.Y. 2011-12. 2. The grounds of appeal raised by the Revenue are as under: "1. The CIT (A) has erred in law and in facts in circumstances of the case by deleting the addition of Rs. 3,33,466/- being bogus LTCL claimed u/s 10(38) of the Act from bogus transaction of shares through penny stock. 2. It is, therefore,....

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....Officer observed that the assessee purchased 10000 shares of VAS Infra for Rs. 18,45,000/- on 11.11.2010 and sold them for Rs. 15,12,034/- on 16.11.2010 through Monarch Research & Brokerage Pvt. Ltd. The assessee has incurred loss of Rs. 3,33,466/- by trading in the script of VAS Infra. The Assessing Officer issued show-cause notice and the assessee replied the same. The Assessing O....

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....ion may be sustained. 6. The Ld. A.R. relied upon the order of the CIT(A). 7. Heard both the parties and perused all the relevant material available on record. It is pertinent to note that as per the SEBI report the script VAS Infrastructure Ltd. was not blacklisted and was not termed as penny stock by the Stock Exchange Regulatory Authority. The period for purchase and sale was mentioned by the....