Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 510 - AT - Income TaxAddition u/s 68 - Bogus share transactions - penny stock purchases - HELD THAT:- We find that both the authorities have recorded exhaustive finding of fact narrating the circumstances as to how investment made by the assessee in the shares of M/s. Unno Industries Limited was a bogus penny stock company, which has artificially enhanced the value of shares in a short span of time. This aspect is fully covered by the latest decision of the Hon'ble Calcutta High Court rendered in the case of Swati Bajaj & Others [2022 (6) TMI 670 - CALCUTTA HIGH COURT]. We respectfully following the decision of the Hon'ble Calcutta High Court, we do not find any merit in this ground of appeal, hence, it is rejected. Estimated payment of commission for getting bogus long-term capital gain @ 2.5% - Since we have confirmed the conclusions of the revenue authorities that the total claim of long-term capital gain was a bogus one, therefore, this commission payment is also to be disallowed and required to be added back. The ld. Assessing Officer has rightly made the addition, which has been confirmed by the ld. 1st Appellate Authority. We do not find any merit in this ground of appeal also. It is rejected. Appeal of the assessee is dismissed.
|