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2023 (2) TMI 497 - AT - Income TaxAddition u/s 68 - bogus LTCG - Unexplained cash credit - HELD THAT:- There are large number of assessees, who have transacted with equity shares of M/s. Cressanda Solutions Limited and claimed exemption u/s 10(38) of the Act. Apart from this scrip, there are other scrips also in Kolkata, who were found to be penny stock and transactions on papers only. The Hon’ble Calcutta High Court has recently considered this aspect in its judgment in the case of Swati Bajaj & Others [2022 (6) TMI 670 - CALCUTTA HIGH COURT] In a number of appeals, we have also rejected the claim of the assessees, where the assessee transacted in the shares of M/s. Cressanda Solutions Limited. All these transactions have been held as bogus by the Hon’ble Jurisdictional High Court. Therefore, we affirm the view taken by the Revenue Authorities who have rejected the claim of the assessee and made the additions. We do not find any merit in this appeal. Decided against assessee.
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