TaxTMI 
TaxTMI 
2026 (9) TMI 706
X X X X Extracts X X X X
X X X X Extracts X X X X
....26,70,370 in respect of sale of equity shares in D-mat form which was claimed exempt under section 10(38). 2. On the facts and circumstances of the case and in law, the learned CIT (A) erred in confirming addition of Rs. 28,53,500 under section 68 representing proceeds of sale of equity shares which were claimed as exempted as long term capital gain under section 10(38). 3. On the facts and circumstances of the case and in law, the learned CIT (A) erred in confirming addition of Rs. 85,605 under section 69C towards commission paid. 4. Appellant craves leave to add, alter and/or modify the grounds of appeal on or before the date of hearing of the appeal. 2. Ground Nos. 1, 2 and 3 raised by the assessee are inter....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the report of Richway International Trade Limited for the financial year 2015-16, which refers to a growth of 143.70% as compared to the previous year and the profit before tax was Rs. 44.83 lakhs. 6. The Ld. AR also submitted that the A.O. has observed that Richway International Trade Limited is a penny stock company, which is not a fact. In this regard, the assessee submits that the annual report of Richway International Trade Limited for F.Y. 2015-16 refers to a growth of 143.70% as compared to the previous year. The profit before tax was Rs. 44.83 lakhs, which had grown by 190.54%. It is also submitted that the promoters held 26.62% stake in the company and the balance 73.38% was held by non-promoters and the public. 18,03,400 share....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e fact that he had placed on record and proved the documents in the shape of a paper book to substantiate that the transaction of sale of the scrip was genuine. The assessee also relied upon the decision of the coordinate bench of the ITAT in the case of Jitendra Udaylal Jain in ITA No. 7173/Mum/2025, and the operative portion of the same is reproduced hereinbelow: 7. It is an undisputed fact that the holding period of the shares exceeded 12 months, and the entire trail of the shares in question was through banking channels. On the contrary, the assessment of the assessee was reopened only on the basis of information received from the DGIT (Investigation), Kolkata. During the entire assessment proceedings, the AO could not bring on....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ence placed on record has not been controverted or rebutted by any independent inquiry or investigation. The addition was made solely on the basis of information received from the DGIT (Investigation), Kolkata. 10. We also noticed that the same scrip, M/s Unisis Software and Holding Industries Ltd., was the subject matter of dispute before Coordinate Benches of the ITAT, which have already examined the authenticity and veracity of the said company and deleted similar additions in other cases. The Coordinate Bench in the case of DCIT vs. Surendra B. Jiwrajka in ITA Nos. 2431 to 2434 (Mum) (Para 14), as well as in the cases of Meenu Goel vs. ITO in ITA No. 6235 (Delhi) of 2017 [AY 2014-15] (Para 6) and Dilip B. Jiwrajka (Para 8) in I....