2025 (5) TMI 1636

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....see : Shri VK Sabharwal, Adv. And Shri AK Babbar, Adv. ORDER PER AMITABH SHUKLA, AM: This appeal by Revenue is directed against the order of National Faceless Appeal Centre, Delhi [for short hereinafter referred to as the "(Ld. CIT(A)"] dated 17.04.2023 for Assessment Year 2015-16. 2. The only issue raised by the Revenue in the appeal is regarding the action of the Ld. CIT(A) in deleti....

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....s accruing to the assessee and concluded that it was a case of sham transactions. The Ld. AO held that M/s Gold Line Finvest International Ltd. was a company having negligible financial strength to justify above hike in its share price. The Ld. DR submitted that the Ld. AO rightly subscribed to the view of an artificial increase in the share prices alluding towards a pre-determined collusive actio....

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.... penny stock company and that the action of the AO and the Ld. CIT(A) is correct. The Ld. Counsel for the assessee argued in favour of the order of the Ld. CIT(A) inter alia including his reliance upon the decision of Hon'ble Delhi High Court in the case of Smt. Krishna Devi (ITA No. - 125/2020) where nearly identical facts were found to be existing. 4. We have heard rival submissions in the li....

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....apital gains arising from purchase and sales of shares belonging to M/s Gold Line Finvest International Lt. In the said case of Smt. Krishna Devi (supra), also, the Ld. AO had made addition u/s 68 of the Act, which was overruled by the Hon'ble High Court. Their lordship had held that finding of the Ld. AO were purely an estimation based on conjectures. It was concluded therein that the AO 's findi....