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2023 (9) TMI 1454 - AT - Income TaxBogus LTCG - Addition u/s 68 - unexplained cash credit - denying exemption u/s 10(38) - sale of equity shares from the listed companies, which were found to be the penny stock companies by both the lower authorities - HELD THAT:- We find that recently this Tribunal has adjudicated the similar issue under identical in the case of Shyam Sunder Bajaj [2022 (10) TMI 728 - ITAT KOLKATA] and after placing reliance on case of Swati Bajaj & Others [2022 (6) TMI 670 - CALCUTTA HIGH COURT] wherein AO as well as the Commissioner (Appeals) have adopted an inferential process which is found to be a process which would be followed by a reasonable and prudent person. AO and the Commissioner (Appeals) have culled out proximate facts in each of the cases, took into consideration the surrounding circumstances which came to light after the investigation, assessed the conduct of the assessee, took note of the proximity of the time between the buy and sale operations and also the sudden and steep rise of the price of the shares of the companies when the general market trend was admittedly recessive and thereafter arrived at a conclusion which is a proper conclusion. The issue involved in these appeals is squarely covered against the assessee.
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