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2020 (1) TMI 771 - AT - Income TaxBogus LTCG - Penny stock purchases - Exemption u/s 10(38) denied - HELD THAT:- As decided in SUMAN PODDAR [2019 (9) TMI 1089 - DELHI HIGH COURT] profits earned by assessee are part of major scheme of accommodation entries and keeping in view ratio of judgments quoted above, we, hereby decline to interfere in order of Ld. CIT(A). (emphasis supplied) It would be seen that Cressanda Solutions Ltd. was in fact identified by Bombay Stock Exchange as penny stock being used for obtaining bogus Long Term Capital Gain. No evidence of actual sale except contract notes issued by share broker were produced by assessee. No question of law, therefore arises in present case and consistent finding of fact returned against Appellant are based on evidence on record. Also referring to decision of Hon’ble Supreme Court in the case of Sumati Dayal [1995 (3) TMI 3 - SUPREME COURT] and Durga Prasad More [1971 (8) TMI 17 - SUPREME COURT] we hereby sustained the orders of the authorities below and dismiss the appeal filed by assessee
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