TaxTMI 
TaxTMI 
2024 (8) TMI 754
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....he Revenue has filed this appeal challenging the order dt. 25-07-2023 passed by the learned Commissioner of Income Tax (Appeals)-NFAC, Delhi (in short "Ld.CIT(A)") and it relates to AY. 2014-15. Though the Revenue has raised as many as 11 grounds, yet all of them are directed against a single issue with regard to the relief granted by the Ld.CIT(A) in respect of the addition relating to Long Term ....
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....ed by the assessee is bogus in nature and accordingly, reopened the assessment of AY 2014-15 by issuing notice u/s. 148 of the Act. In this regard, the AO fully placed his reliance on the report given by the Investigation Wing and accordingly concluded that the Long Term Capital Gain of Rs. 59,74,380/- declared by the assessee is bogus in nature. However, he preferred to assess the sale proceeds o....
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.... transferred to his name and later dematerialised the same. The payment for purchase of shares was made through banking channels. Later, the assessee has sold the shares in the stock exchange platform through a registered broker and received the sale consideration through banking channels. The assessee has furnished copy of demat statement, which shows entry and exit of the shares. As observed by ....
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....shares of the alleged penny stock of shares of Ramkrishna Fincap Ltd ("RFL") is done through stock exchange and through the registered Stock Brokers. The payments have been made through banking channels and even Security Transaction Tax ("STT") has also been paid. The Assessing Officer also has not criticized the documentation involving the sale and purchase of shares. The Tribunal has also come t....