TaxTMI 
TaxTMI 
2023 (11) TMI 1458
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....der section 250 of the Income-tax Act, 1961 (in short, the Act) for the A.Y. 2012-13. 2. In the instant case, the Assessee had declared its income to the tune of Rs.15,53,430/- by filing its return of income on 14/09/2012, which was processed under section 143(1) of the Act. Subsequently, the AO on receiving the information from the DDIT(Inv) Unit-VIII(3), Mumbai vide letter dated 20/02/2019 to the effects "that which an investigation was carried out in the scrip, namely M/s Nivya Infrastructure & Telecom Services Ltd and analyzed the data collected from Bombay Stock Exchange to identify the beneficiaries, who had traded in the above scrip. On analysis of such data, it was found that the Assessee is also one of the beneficiaries, who had....
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....action entered into by the Assessee involved the series of pre-conceived steps, the performance of each of which is depending on others being carried out. The true nature of such share transaction like commercial contents being artificially structured, transactions entered into with the sole intent to avoid tax and by holding that the Assessee has not been able to prove the unusual rates and fall in share prices to be natural and based on the market affairs, it is evident that such share transactions were closed circuit transactions and clearly a structured one. The net worth of the pennystock is negligible and the LTCG claimed by the Assessee is a rigged one." treated the amount of Rs.33,68,750/- as deemed income of the Assessee under sect....
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....name of company, date of acquisition, cost of acquisition, number of shares, date of sale, amount of sale consideration and long term capital gain. ii. Contract notes for purchase of shares iii. Bank account statements substantiating the payment made towards purchase of shares iv. Demat account statement of appellant showing credit of 25,000 shares of NITSL. v. Contract notes for sale of share of NITSL vi. Ledger account of appellant in the books of share broker, Sparkle Securities Solution Pvt. Ltd. Ledger account of M/s Sparkle Securities Solution Pvt. Ltd. in the books of appellant vii. Bank account statement showing receipt of payment of sale proceeds from broker on settlement. ....
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.... 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 bills were made available during the course of appellate proceedings. On the sale of shares respondent effected delivery of shares by way of Demat instructions slip and also received ....