TaxTMI 
TaxTMI 
2022 (7) TMI 1553
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....f the alleged claim of bogus Long Term Capital Gain is raised by the Revenue therein by way of the following grounds:- 1. On the facts and in the circumstances of the case and in law, the ld. CIT (A) has erred in deleting the addition of Rs. 22,89,898/- made on account of claim of bogus LTCG without appreciating the fact that such accommodation entry in form of LTCG was arranged by the assessee from the Kolkata based entry providing company namely M/s Karma Industries Ltd., which was accepted by Shri Ramesh Kumar Kaithan, one of the directors of the entry providing company i.e. M/s Karma Industries Ltd. before the Investigation Wing. 2. On the facts and in the circumstances of the case and in law, the ld. CIT (A) has erred in hold....
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....Capital Gain amounting to Rs. 22,89,898/- arising during the year under consideration on sale of shares of M/s. Karma Industries Ltd. In this regard, it was claimed by the assessee that he had duly applied for shares of M/s. Karma Industries Ltd. and after getting the same allotted in physical form, the same were sent to the company with share application form for transfer of the shares in his name. It was submitted that the shares were accordingly transferred to the demat account of the assessee and the same were subsequently sold through proper banking transactions. This explanation of the assessee was not found acceptable by the Assessing Officer on the basis of the investigation carried out by the investigation directorate Kolkata ....
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....r alia on the ground that the same was not supported by any incriminating documents found during the course of search. By relying on various judicial pronouncements discussed in his impugned order, learned CIT (A) held that the impugned addition was made merely on the basis of statement of third person without there being any incriminating document found during the course of search to support and substantiate the same. He accordingly deleted the addition made by the Assessing Officer on this issue. Aggrieved by the order of the learned CIT(A), the Revenue has preferred this appeal before the Tribunal. 4. At the time of hearing fixed in this case before the Tribunal, none has appeared on behalf of the assessee. This appeal of the assessee i....