2025 (10) TMI 1234

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....see filed return of income on 23.07.2014 declaring total income of Rs. 137,540/- which was processed u/s 143(1) of the Act. The case of the assessee was selected for scrutiny and assessment order was accordingly framed u/s 143(3) of the Act on 26.07.2016 at a total income of Rs. 2,06,640/-. Thereafter, the AO received information from DGIT (Investigation)-23, Kolkata that the assessee is one of the beneficiaries who traded in penny script Rutron International Limited through Ashika Stock Broking Limited as it has sold 210000 equity shares within the period three weeks from 04.03.2014 to 21.03.2014. Accordingly, notice u/s 148 of the Act was issued on 11.03.2021 which was complied with by the assessee filing return of income on 23.04.2021 de....

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....Shresth Dealers Pvt. Ltd is one of the beneficiaries who has traded in the penny scrip Rutron Int. Scrip Code 504335) during the AY 2014-15 From the trade ledger of the assessee it is seen that the assessee company has sold 210000 shares of Rutron International within a span of three weeks from 04.03.2014 to 21.03.2014 through Ashika Stock Broking Lis, for a total consideration value of Rs. 16,49,250/-. 5. During the course of assessment proceedings u/s 143(3), assessee had submitted purchase and sale of shares made during the year. However, the transaction of share through the broker Ashika Stock Broking Ltd. was not submitted and was also not reflected in the P&L Account for the A.Y 2014-15. While analysing the Return of....