2024 (8) TMI 754

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.... Revenue : Shri Yogendra T. Wakare, Sr.DR ORDER PER B.R. BASKARAN, A.M : The 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 th....

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....tries Limited. Accordingly, the AO took the view that the Long Term Capital Gain declared 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 ....

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.... notice that the assessee has purchased the shares from the market in physical form, got it 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 f....

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.... interfere. There is a finding of fact by the Tribunal that the transaction of purchase and sale of 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 ....