TaxTMI 
TaxTMI 
2025 (4) TMI 742
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....the revenue challenging the order of Ld. CIT(A) in deleting the additions of Rs.23,532/- 3. In this regard, we have heard the counsels for both the parties, perused the material placed on record, judgements cited before us and also the orders passed by the revenue authorities. 4. From the records, we noticed that the assessment was completed on the basis of reply received from BSE Ltd in response to the letter issued u/s 133(6) calling for information dated 15.12.2019. The AO has claimed that as per BSE data, the assessee has purchased 3606 shares of M/s Vas Infrastructure Ltd at Rs. 2,88,599/- and sold the same at Rs.3,12,131/- and accordingly booked profit of Rs.23,532/-. Consequently, the same was added to the total income of the a....
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.... raised funds through series of preferential allotments during the said period. During the enquiry, it has been analyzed that even though net worth of the company is negligible the share prices have been artif icially rigged by the group of operators to accommodate benef iciaries seeking LTCG/STCG and losses. No prudent businessman and particularly trader or investor in stock will invest in such a penny scrip which is defunct and inoperative. Further it is stated that there is no logical explanation for the rise in price of the scrip of VAS INFRA. The persons selling the scrip when the price of the scrip is high at its peak are all benef iciaries of bogus LTCG. The exit providers were not able to provide any logical explanation of ....
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....ed in the script of Orissa Mine and incurred loss of Rs.23532/-. The appellant has submitted that it is came to notice before AO during assessment proceedings that there is no transaction pertained to VAS Infra for the year under consideration and the appellant has also not claimed exemption of LTCG u/s 10(38) of the Act during the year. During the appellate proceedings the appellant has f iled a reply of an email sent to BSE India for seeking trade details executed on the client ID of the appellant. In the reply the BSE India has conf irmed that trade executed during the year on client ID of the appellant was in the script Orissa Mine. Details of the same are as under: The appellant has also submitted computation of total income a....
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.... any asset ( including f inancial interest in any entity) located outside India, chargeable to tax, has escaped assessment". 7.3. In view of above discussion it is seen that the appellant has traded in script Orissa Mine and incurred loss of Rs.23532/- during the year. It is also seen that the AO has not provided copy of reply received from BSE India to the appellant during assessment proceedings and no evidence was reproduced in assessment order passed. Therefore, as per details available it is seen that the appellant has entered in the transaction in the script Orissa mine not in VAS infra for the year under consideration. It is also seen that the addition made by AO has not qualif ied with the provisions of section 149(1)(b) of ....
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....claim of AO that appellant is a benef iciary of transactions carried out on sale purchase of VAS Infrastructure. The regular traits or symptoms available in the cases while generating bogus LTCG are not seen in this case, Ground no.1, 2 and 3 are allowed. AO is directed to reduce the income of appellant by Rs.23532/-. 7.4. The appeal of the appellant is allowed. 6. After having gone through the orders passed by Ld. CIT(A) and hearing the parties at length, we found that the assessment order was passed on the basis of surmises and without any documentary evidences to prove that the assessee ever transacted in the shares of Vas Infrastructure Ltd or earned any LTCG. Moreover, the reassessment proceedings were initiated in violatio....
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....2 ANGEL BROKING LTD R436 RAJESH O SANGHVI AACPS1668Q 18000030002907 S 590086 ORISSA MINE 2011-06-29 3417 1 59,000.00 612 ANGEL BROKING LTD IR436 RAJESH D SANGHVI AACPS1668Q 18000030002907 S 590086 ORISSA MINE 2011-07-08 2452 1 60,750.00 612 ANGEL BROKING LTD. R436 RAJESH D SANGHVI AACPS1668Q 21000047008813 5 ·580086 ORISSA MINE 2811-07-OB 2458- 1.60,700.00 612 ANSEL BROKING LTD. 203641 RAJESH D SANGHVI AAEPS26680 21000040000013 5 590085 ORISSA MINE 2011-07-08 2459 1 60,700.00 612 ANGEL BROKING LTD. #436 RAJESH D SANGHVI AACPS1658Q 21000047008813 5 590086 ORISSA MINE 2011-07-08 2460 1 60,700.00 612 ANGEL BROKING LTD. R436 RAJESH D SANGHVI AACP51668Q 21000047008813 5 590086 ORISSA MINE 2011-07-08 3074 1 53,799.00 612 ANG....