2025 (2) TMI 1631

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....of the case and in law, the Ld. CIT(A) grossly erred in confirming the initiation of proceedings u/s. 147/148 of the Act by the Ld. AO as valid which is bad in law. 2. That on the facts and in the circumstances of the case, the Ld. CIT(A) grossly erred in confirming the addition made by the ld. AO u/s. 68 r.w.s. 115BBE of the Act of Rs. 1,40,60,000/- being sale consideration of equity shares of Lactose (India) Ltd. as income from undisclosed sources which is purely based on assumption, presumption, conjectures and surmises. 3. That on the facts and in the circumstances of the case, the Ld. CIT(A) grossly erred in confirming the addition made by the Ld. AO u/s 69C r.w.s. 115BBE of the Act of Rs. 2,81,200/- on account of com....

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....same preferred an appeal before the Ld. CIT(A), who in turn confirmed the order of the AO. The assessee being further aggrieved preferred the present appeal before us. 3. We have gone through the order of the AO, order of the Ld. CIT(A) and submissions of the assessee alongwith grounds taken before us. The issue involved has a very narrow compass, i.e. whether the assessee was involved in the transaction of availing any bogus LTCG/STCL or not, based on which the case was re-opened. It is observed that in this case the assessee purchased the shares of M/s. Lactose (India) Ltd. through its broker M/s. HEM Securities Ltd. between 12.07.2017 to 17.07.2017 amounting to Rs. 99,64,263/- (Total 76,000 shares) and sold the same also through M/s. ....

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....ies of information received from DDIT(Inv.), 5(1), Delhi, but the same were categorically denied to the assessee vide the AO's letter vide page no. 62-63 of the paper book. We have considered the price movement in the shares of the company M/s. Lactose (India) Ltd. and from any angel it can't be said to be a penny stock. 6. Notwithstanding the above, we have thoroughly examined the order of the AO and the Ld. CIT(A), but there is no whisper of any manipulation by the assessee found in terms of any illegitimate gain availed by the assessee or is a part of any larger conspiracy against the Revenue. Rather, the whole case is made out on sheer conjectures, surmises and guess work. On peruse the notice issued under section 148 and the reasons....