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2022 (11) TMI 1343 - AT - Income TaxDisallowance of STCL u/s. 68 - script is penny stock - AR contended that the impugned purchase was made through BSE and that the assessee has held the shares for about six months and the assessee has furnished all the relevant details of payment made for purchase of the impugned share from bank account to the broker and the details of the broker, etc - HELD THAT:- As decided in Smt. Shikha Dhawan [2018 (6) TMI 1451 - ITAT DELHI] wherein it was held that the assessee was able to prove the genuinely of the transaction of purchase and sale of shares and that the same has been routed through recognized stock exchange and when the Revenue has got no other material on record to rebut the claim of the assessee of exemption claimed u/s.10(38) of the Act, the addition is to be deleted Assessee has proved the genuity of the transaction by furnishing all the required documentary evidence. It is also pertinent to point out that the lower authorities have not rebutted the claim of the assessee, other than the information received from DDIT that M/s. Vas Infrastructure Ltd. is a penny stock. CIT(A) has not dealt with the issue in details except for relying on the order of the A.O. No independent enquiries have been carried out by the lower authorities as to the impugned transaction - we set aside the order of the ld. CIT(A) and delete the addition made u/s. 68 - Decided in favour of assessee.
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