Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (8) TMI 30 - AT - Income TaxUnexplained expenditure u/s 69 - HELD THAT:- The assessee has sold the shares of GCM securities Ltd, which were the shares of the same company in respect of which the above decisions have been rendered in favour of the assessee on similar set of facts. No specific allegation has been made by any of the entry operators alleging that the assessee has engaged in sham/bogus transaction on sale of the above shares. Nothing has been brought on record to substantiate that the assessee’s own unaccounted money was used to purchase the shares on which capital gains has been earned by the assessee. The entire case of the Revenue is based on the report of the Investigation Wing, however, no specific material/information has been found specifically implicating the assessee and the addition is based on the general modus operandi in connection with sale of shares to earn bogus capital gains. The assessee, admittedly has carried out or transactions through banking channels/DMAT account. The only allegation of the Revenue is that the scrip which the assessee sold was identified by the Directorate of Income Tax (Investigation), Kolkata in which large scale rigging was done to allow benefit of bogus LTCG entities to several beneficiaries. Therefore, respectfully following the decision in the case of Smt. Aparna Misra [2019 (7) TMI 179 - ITAT KOLKATA] and Smt. Rachna Agarwal [2022 (5) TMI 1000 - ITAT KOLKATA] which have been rendered on similar set of facts, we are of the considered view that Ld. CIT(A) has erred in facts and in law in in allowing the assessee’s appeal.
|