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2023 (1) TMI 312 - AT - Income TaxRevision u/s 263 by CIT - Addition u/s 68 - bogus long-term capital gain from sale of equity shares - HELD THAT:- As considering the judgment of the Hon’ble Jurisdictional High Court in the case of Swati Bajaj & Others [2022 (6) TMI 670 - CALCUTTA HIGH COURT] we find that such kind of transactions of earning long-term capital gain from penny stock companies have been held to be bogus. It is also not in dispute that AO has not conducted any enquiry about the said transaction even when the report of the Investigation Wing containing the list of 84 companies found to be penny stock companies was available in the Income Tax Portal, which the AO needs to refer while framing the assessment. Under these given facts and circumstances, we are of the considered view that ld. PCIT was justified in invoking the revisionary proceedings holding the assessment order as erroneous as well as prejudicial to the interest of revenue and also directing the AO to frame the assessment afresh considering the observation in the impugned order. Therefore, the grounds raised by the assessee are dismissed.
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