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2022 (3) TMI 1437 - HC - Income TaxAddition u/s 68 - bogus LTCG - shares were bought/acquired from off market sources and thereafter the same was demated and registered in stock exchange and increase in share price of Ramkrishna Fincap Ltd. is not supported by the financials - HELD THAT:- There is a finding of fact by the Tribunal that the transaction of purchase and sale of the shares of the alleged penny stock of shares of Ramkrishna Fincap Ltd. (“RFL”) is done through stock exchange and through the registered Stock Brokers. The payments have been made through banking channels and even Security Transaction Tax (“STT”) has also been paid. The Assessing Officer also has not criticized the documentation involving the sale and purchase of shares. The Tribunal has also come to a finding that there is no allegation against assessee that it has participated in any price rigging in the market on the shares of RFL. We find nothing perverse in the order of the Tribunal. Reliance on a judgment of NRA Iron & Steel (P.) Ltd.. [2019 (3) TMI 323 - SUPREME COURT] does not help the revenue in as much as the facts in that case were entirely different. No substantial question of law. - Decided against revenue.
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