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2021 (12) TMI 716 - DELHI HIGH COURTAddition u/s 68 - bogus LTCG - Penny stock purchases - ITAT deleted the addition - HELD THAT:- Tribunal has held that no enquiry had been conducted and the assessee’s broker had not even been examined by the authorities below before passing the impugned orders. The ITAT also held that the scrips of M/s CCL International Ltd. were freely traded at the Bombay Stock Exchange between the years 2011 and 2014 and the assessee had purchased the shares in 2011 and sold the same in 2012. ITAT also found that the revenue from the operation of M/s CCL International Ltd. from March, 2010 to March, 2012 was between ₹ 55.25 crores to ₹ 79 crores and the share price during the period 2010 to 2014 had increased from ₹ 50 per share to ₹ 609 per share. This Court is of the view that there is no perversity in any of the findings given by the Tribunal. The Supreme Court in the case of Ram Kumar Aggarwal & Anr. vs. Thawar Das [1999 (8) TMI 1008 - SUPREME COURT] has reiterated that under Section 100 of the Code of Civil Procedure, the jurisdiction of the High Court to interfere with the orders passed by the Courts below is confined to hearing on substantial question of law and interference with finding of the fact is not warranted if it involves re-appreciation of evidence. Supreme Court in Hero Vinoth (Minor) vs. Seshammal [2006 (5) TMI 478 - SUPREME COURT] has also held that “in a case where from a given set of circumstances two inferences of fact are possible, the one drawn by the lower appellate court will not be interfered by the High Court in second appeal. Adopting any other approach is not permissible.” It has also held that there is a difference between question of law and a “substantial question of law”. Consequently, this Court finds that there is no perversity in the findings of the ITAT. Appeal dismissed.
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