2025 (11) TMI 1411

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....R RAJESH KUMAR, AM: This is an appeal preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the "Ld. CIT(A)"] dated 24.11.2023 for the AY 2014-15. 02. The only issue raised by the assessee at the time of hearing is against the order of Learned CIT (A) upholding the assessment order wherein the Learned AO treated the long-term ca....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....,681/- was made by the ld. AO on the ground that the said company is a penny stock company and assessee has earned non-genuine and bogus long-term capital gain from the sale of equity shares of the said company. 04. In the appellate proceeding, the Learned CIT (A) deleted the addition in respect of disallowance u/s 14A, read with Rule 8D of the Rules, while sustaining the addition of Rs.53,84,6....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....h were hold for less than one year. We note that both income from the sale of equity shares were shown by the assessee in the return of income i.e. LTCG of Rs.53,24,681 was claimed as exempt under Section 10(38) of the Act, while STCG of Rs.65,96,424 was shown as under Section 111A of the Act. The ld. AO treated the long-term capital gain of Rs.53,024,681 as bogus and non-genuine, whereas the shor....