2023 (3) TMI 671 - AT - Income Tax

Addition u/s 68 - Bogus LTCG - addition to the income, treating the transaction as an accommodation entry with a particular broker in relation to the equity share of a particular company, merely because the investigation was done by income-tax department or the SEBI against brokers or the companies or their promoters - HELD THAT:- We note that the assessee was engaged in penny stock transactions wherein phenomenal return of 17,960% was obtained in a short time period and this is only possible through a colorable device. The orders of AO and ld. CIT (A) are quite speaking and elaborate and we do not find any infirmity in the same. Hence, we uphold the order of the ld. CIT (A). Assessee’s appeal stands dismissed.