2026 (1) TMI 889

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....ng the appeal of the assessee without appreciating the vital fact that the assessee entered into such transactions of purchase and sale of penny stocks i.e. Cressando, Nikki Global, Luminai Tech, Uno Industrial, Dhenu Buildcon and Shrsha Tex featuring in the list of 'Bogus Capital Loss Claims' information data provided by the Directorate of Investigation, Kolkata? ii) Whether the Hon'ble ITAT was correct in law in allowing the appeal in favor of the assessee by deleting the disallowance of fictitious loss on trading of penny scrips of Dhenu Buildcon, Nikki Global, Luminai Tech, Uno Industrial and Shrsha Tex cumulatively amounting to Rs. 1,16,89,407/-, where it has been conclusively established in the course of specific ....

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....f the Learned Tribunal in the case of Namokar Builders Pvt. Ltd. Vs. DCIT [ITA No.762/Kol/2022] and relying upon the decision of the case of Nalanda Builders Pvt. Ltd. Vs. DCIT (ITA No.763/Kol/2022) and without appreciating the facts and circumstances of the case of the respondent assessee? vi) The monetary limit for filing appeal u/s. 260A of the Income Tax Act, 1961 as prescribed under the CBDT Instruction No. 09/2024 dated 17-09-2024 is not applicable in the present case as the case is covered under organized tax evasion by way of wrongful claim of capital loss through penny stocks the exceptional clause. mentioned in para 3.1(h) of the CBDT Instruction No. 05/2024 dated 15-03-2024." 2. Mr. Aryak Dutt, learned counsel appeari....

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....t aside and the effective grounds of appeal raised by assessee for A.Y. 2013-14 are allowed. As far as A.Y. 2014-15 is concerned, the facts and issues are identical to that for A.Y. 2013-14 except for change of figure. The loss has been incurred to the tune of 1,16,89,407/- from trading of equity shares of Cressanda, Nikki Global, Luminaire Tech, Uno Industries, Dhenu Buildcon & Shree Shaleen Tex and that the loss have been incurred in the regular course of business carried out by the assessee which is an NBFC and that the transactions have been carried out on the recognized stock exchange and under the control of SEBI and at that point of time there was no restriction of trading of equity shares of alleged companies. Since, the fa....