2025 (6) TMI 2014

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....Sharma, Adv. For the Respondent : Mr. Siddhartha Das, Adv. Ms. Swapna Das, Adv. ORDER The Court : This appeal has been filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act) against the order dated 24th June, 2024 passed by the Income Tax Appellate Tribunal "C" Bench, Kolkata (Tribunal) in ITA No. 345/Kol/2024, for the assessment year 2012-13. The revenue has raised....

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....s of the transaction in the penny stock "VMS Industries Ltd." and direct and circumstantial evidence brought on record by the Assessing Officer to establish that the assessee had indulged in manipulation of the share prices of "VMS Industries Ltd." with a view to fictitious Long Term Capital Gain of Rs.90,95,000/- claiming the same as exempt from taxation? We have heard learned advocates on eit....

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....rch, 2019 that the assessee has claimed an amount of Rs.90,95,000/- as exemption under Section 10(38) of the Act having arisen on a scrip called 'VMS Industries Ltd.'. The learned Tribunal has elaborately considered the facts and has pointed out that the information based on which the reopening was done was factually incorrect. The undisputed facts are that the return of income submitted by the as....

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....s.57,46,787/- which was offered to tax in the original assessment itself. Furthermore, it is clear from the records that there has been no long term capital gain by the appellant in the shares of VMS Industries Ltd. as alleged by the Assessing Officer and, therefore, the learned Tribunal was fully justified in holding that the reopening of assessment was not bad in law. When the assessee has not c....