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2023 (4) TMI 363 - AT - Income TaxAddition u/s 68 - Penny stock transactions - bogus loss believing on report of investigation conducted by Investigation Wing, Kolkata - AO held that transaction relate to trading in these three scrips of Dhenu Buildcon Infra Ltd., Global Securities Ltd. and Turbotech Engineering Ltd. are bogus, coloured and not genuine - HELD THAT:- We find that there are large number of assessees, who have transacted with equity shares of the above named three scrips and claimed benefits under the provisions of the Act. Apart from these scrips, there are other scrips also in Kolkata, who were found to be penny stock and transactions on papers only. 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, Coordinate bench of ITAT, Kolkata has rejected the claim of the assessees, where the assessee transacted in the shares of such companies. All these transactions have been held as bogus by the Hon'ble Jurisdictional High Court. We affirm the view taken by the Revenue Authorities who have rejected the claim of the assessee and made the additions. Decided against assessee.
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