2024 (8) TMI 877

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r was emanated from the order of the Income-tax Officer 32(1)(7),Mumbai (in short, 'the A.O.') passed under section 143(3)read with section 147 of the Act, date of order 23/12/2019. 2. The assessee has taken the following grounds:- "1. In the facts and circumstances of the case and in law, the learned Assessing Officer erred in passing order of reopening u/s 147 for the alleged full value of sale of Rs. 41,83,450/-. a. merely on the basis of borrowed satisfaction, b. presumption and surmises and c. relying upon information from Investigation wing d. Based on wrong reasons because all transactions pertain to Yogeshkumar Agarwal HUF and not to individual MrYogeshkumar Agarwal e. Without....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the Act. Being aggrieved on the assessment order, the assessee filed an appeal before the ld. CIT(A). The ld.CIT(A) has passed the order in a very cryptic manner and upheld the assessment order. Being aggrieved on the appeal order, the assessee filed an appeal before us. 3. We heard the rival submission and considered the documents available in the record. The Ld.AR filed a written submission which is kept in the record (in short, 'APB'). Considering the submission of the Ld.AR, the computation of the assessee and the HUF is duly filed in APB pages 1-3 and the financial statement of the assessee in APB pages 4-9. Perusal the documents there are no trace of transaction of LTCG. The recorded reason was supplied to the assessee. The assess....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hat Banas Financial Ltd is a penny STOCK and has been used by beneficiaries to launder money in the garb of Long term capital gains while claiming tax exemption under section 10(38) and also under short term capital loss of the IT Act, 1961. It can be seen from the share price movement graph available in public domain that there is a sharp rise during AY.2012-13 while the financial fundamentals of the company do not support same. The assessee is a beneficiary of the penny stock Banas Financial Ltd. With total sale value being Rs. 4183450/-. In view of the above discussed facts, findings and discrepancies, the script- M/s.Banas Finance Ltd. Traded by assessee is treated as penny stock. As the stock is penny stock the transaction by assessee ....