2025 (12) TMI 694

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....on a total consideration of Rs. 14,92,810/- on dated 01.02.2018 through online platform/Bombay Exchange and therefore has earned long term capital gain of Rs. 12,87,180/- and claimed the same as exempt u/s. 10(38) of the Act. 3. The claim of the assessee though was considered by the AO, however, not being satisfied with the same, disallowed the same by treating the Long Term Capital Gain ('LTCG') as bogus and added the amount of Rs. 12,87,180/- in the total income of the Assessee, while relying on various judgements and by treating the share of such company as penny stock. 4. The Ld. Commissioner on appeal, affirmed the findings of the AO and the disallowance of deduction claimed to the tune of Rs. 1,28,71,810/- which was treated as u....

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....al is impugning an order dated 27th May 2016 passed by the Income Tax Appellate Tribunal (ITAT) rejecting two appeals that Revenue had filed against the order of Commissioner of Income Tax (Appeals) (CIT[A]) for Assessment Year 2005-06 in the matter of order passed under section 143(3) read with section 147 of the Income Tax Act, 1961 (the Act) against Respondent. Respondent though served is not present before us. Affidavit of service is also filed. 2. It was the case of Revenue before the ITAT that the CIT[A] was wrong in deleting the addition made by the Assessing Officer (A.O.) in respect of long term capital gain treated by A.O. as unexplained cash credit under section 68 of the Act. 3. Respondent had shown sale procee....

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....hing wrong in respondent doing only one transaction with the said broker in the scrip of RFL. The CIT[A] came to the conclusion that respondent brought 3000 shares of RFL, on the floor of Kolkata Stock Exchange through registered share broker. In pursuance of purchase of shares the said broker had raised invoice and purchase price was paid by cheque and respondent's bank account has been debited. The shares were also transferred into respondent's Demat account where it remained for more than one year. After a period of one year the shares were sold by the said broker on various dates in the Kolkata Stock Exchange. Pursuant to sale of shares the said broker had also issued contract notes cum bill for sale and these contract notes and....