AI Drafter 
TaxTMI 
TaxTMI 
2024 (12) TMI 107
X X X X Extracts X X X X
X X X X Extracts X X X X
.... had purchased the shares of scrip M/s. JMD Tele Films Industry Ltd. @ Rs. 18% each and on a total consideration of Rs. 2,74,973/- through RTGS and online platform i.e. Bombay Stock Exchange (BSE). Subsequently the shares were splitted into 1,50,000 shares. The Assessee subsequently sold the aforesaid shares @ Rs. 123/- each and on a total consideration of Rs. 1,84,38,566/- from 08.01.2010 to 14.01.2010 on the same platform i.e. BSE and consequently earned LTCG to the tune of Rs. 1,81,63,593/- received through RTGS/online mechanism of BSE. 3.1 The Assessee by filing its return of income on 28.07.2010 which was subsequently revised on 03.08.2010 declaring total income of Rs. 2,61,961/-, had claimed the Long-Term Capital Gain (LTCG) of Rs. 1,81,63,593/- on account of sale of shares of M/s. JMD Tele Films Industry Ltd. u/s 10(38) of the Act. 3.2 Subsequently, the AO on the basis of the investigation carried out by the Kolkata Investigation Directorate into 84 penny stocks including M/s. JMD Tele Films Industry Ltd. being one of it, reopened the case of and show caused the Assessee to justify its transactions carried out qua LTCG. The Assessee in order to establish the genuinenes....
X X X X Extracts X X X X
X X X X Extracts X X X X
....efore us. 6. We have heard the parties and perused the material available on record. The Ld. D.R. at the outset has placed on record one order dated 28.06.2019 passed by the adjudicating authority of SEBI, wherein the M/s. JMD Tele Films Industry Ltd. is also a party against whom the monetary penalty of Rs. 5,00,000/- has been levied by considering the allegations of price rigging of shares by some other persons for the period from 15.06.2009 to 02.07.2009. Admittedly there are no allegations have been leveled and even no investigation has been carried out and no penalty or restriction has been imposed against the Assessee herein. The Assessee by filing the relevant documents duly supported the transactions of purchase and sales as stated above by us. It is also a fact that purchase and sale of the transactions have been transacted through banking channel and shares were purchased and sold through Bombay Stock Exchange and the Assessee also kept the share for a period more than one year. On the aforesaid facts and circumstances, it goes to show the Assessee has been able to discharge its onus cast upon u/s 68 of the Act and therefore no addition u/s 68 of the Act is warranted. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the impugned order with the assistance of the learned Counsels and we have no reason to interfere. There is a finding of fact by the Tribunal that the transaction of purchase and sale of the 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 to a finding that there is no allegation against assessee that it has participated in any price rigging in the market on the shares of RFL 3. Therefore, we find nothing perverse in the order of the Tribunal. 4. Mr. Walve placed reliance on a judgment of the Apex Court in Principal Commissioner of Income-tax (Central)-1 vs. NRA Iron & Steel (P.) Ltd. 2019 (103) taxmann.com 48 (SC). but that does not help the revenue in as much as the facts in that case were entirely different. 5. In our view, the Tribunal has not committed any perversity or applied Incorrect principles to the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f the appellants were neither quoted by any of such persons nor any material relating to the assessee was found at any place where investigation was done by the Investigation Wing The learned Commissioner (Appeals) relying on various orders of the Lucknow Benches and other Benches has allowed relief to the asses- see by placing reliance on the evidence filed by the assessee before the Assessing Officer. I do not find any adversity in the order of the learned Commissioner (Appeals) specifically keeping in view the fact that the Lucknow Benches in a number of cases after relying on the judgment of the hon'ble Delhi High Court in the case of Krishna Devi had allowed relief to various assessees." The concurrent findings of fact have been recorded by the first appellate authority and the Income-tax Appellate Tribunal Thus, no substantial question of law is involved in the present appeal. The matter is concluded by findings of fact. For the reasons aforestated, we do not find any good reason to entertain this appeal. Consequently, it is dismissed." 5.4 We further observe that the Hon'ble Co-ordinate Bench of the Tribunal at Mumbai in the case of Kamlesh Gupta vs.....