TaxTMI 
TaxTMI 
2025 (6) TMI 1385
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.... 1,00,99,878/- made u/s. 68 of the Act on sale of shares of M/s. Splash Media & Infra Ltd. after disallowing the claim of exemption u/s. 10(38) of the Act in respect of long term capital gains on sale of shares. 3. Brief facts are that assessee is an individual, derives income from other sources, dividend income and capital gains. She has filed return of income for the A.Y. 2011-12 on 30.07.2011 declaring total income of Rs. 6,98,041/-. Later on, on the basis of information received through ITD system that Pr. DIT (Inv.), Kolkata had made investigation regarding sale of bogus capital gain / loss to penny stock, Assessee case was reopened u/s. 147 of the Act and accordingly notice u/s. 148 of the Act was issued on 09.10.2016. Ld. AO in his ....
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.... in off-market transaction has been stated to be incorrect. 4. The assessee has sold the shares through Bombay Stock Exchange through broker M/s. Alliance Finstock Limited on various dates for a total value of Rs. 1,00,99,878/- after paying STT. The details of sale are as under: DATE OF SALE QUANTITY GROSS CONSIDERATION NET CONSIDERATION 16.12.2010 2500 1,87,500 1,89,172 20.12.2010 3000 2,25,300 2,22,502 31.12.2010 6000 4,28,400 4,23,081 03.01.2011 5000 3,61,250 3,56,764 03.01.2011 4500 3,40,875 3,36,647 04.01.2011 4000 2,94,600 2,90,946 12.01.2011 15000 12,61,958 12,46,920 19.01.2011 15000 17,92,503 17,70,247 24.01.2011 25000 30,12,500 29,75,097 28.01.2011 20000 21,94,992 21,67,740 ....
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.... ld. AO which is mostly relying upon the investigation report. 8. We have heard the rival submissions and also perused the relevant findings in the impugned orders. Apart from the fact that the shares were purchased and sold only on electronic platform of Bombay Stock Exchange through registered stock broker from SEBI after paying STT, it has been brought on record by the Ld. Counsel that husband of the assessee was a regular trader and investor in shares and assessee had also made investments in several other shares. Thus assessee was also a regular investor in shares. During the course of hearing we had enquired from the assessee whether there is any investigation or finding of the SEBI on the scrip of M/s. Splash Media & Infra Ltd., now....
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....crip was manipulated to provide any accommodation entry. Thus it was reported that there was no manipulation and no adverse has been drawn. Since it is an exhaustive report, therefore the contents of the same cannot be reproduced. This SEBI report itself clarifies the doubts of the ld. AO and also Director, Investigation Wing, Kolkata who had specifically referred this matter that it should be further investigated by the SEBI. SEBI did not find any manipulation in the prices or that the prices were rigged by some entities either by the buyers or by the sellers and no adverse inference have been drawn even with regard to the exit providers. Thus, the SEBI report itself absolves the case of the assessee. 9. Moreover, the entire premise of th....