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2021 (5) TMI 286 - HC - Income TaxBogus LTCG - Penny stock purchases - Tribunal remitting the issue back to the file of the Assessing Officer wherein the onus has been shifted to the Revenue with a direction that the Assessing Officer is to bring on record the role of the assessee in promoting the company and the relation of the assessee, if any with that of the promoters and role of inflating of prices, etc. - HELD THAT:- An identical issue has been considered by a Division Bench of this Court in the case of CIT Vs. Manish D.Jain [HUF] [2020 (12) TMI 740 - MADRAS HIGH COURT]and held Not only the Assessing Officer, but also the CIT(A) examined the modus operandi of the assessee and held that the shares were purchased through off market and not through Stock Exchange and that the selling rates were artificially hiked later on. The above findings have not been set aside by the Tribunal and there is no reason for the Tribunal to remand the matter to the Assessing Officer for a fresh consideration. - Issue has been answered in favour of the Revenue.
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