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2022 (12) TMI 947 - HC - Income TaxAddition u/s 68 - unexplained credit - sale of penny stock company - bogus Long-Term Capital Gain - HELD THAT:- Tribunal via the impugned order has noted, that the assessing officer has not applied his mind, and has merely relied upon the Investigation Report. According to the Tribunal, as to whether or not the assessee was aware of the fact that the shares of the aforementioned companies which had been bought were through penny stocks, was an issue of fact. It also appears from the record, that SEBI had carried out investigations against 239 persons. Tribunal records, that the names of the aforementioned companies were not in the list of the said 239 persons. As neither the Assessing Officer conducted any enquiry nor has brought any clinching evidences to disprove the evidences produced by the assessee. The report of Investigation Wing is much later than the dates of purchase /sale of shares and the order of the SEBI is also much later than the date of transactions transacted and nowhere SEBI has declared the transaction transacted at earlier dates as void. According to us, these being findings of fact, they cannot be interfered by us. We are also informed, that the appellant/revenue had preferred appeals against the very same order in the case of Ms Karuna Garg and Ms Krishna Devi [2022 (12) TMI 858 - DELHI HIGH COURT] - These appeals was dismissed by a coordinate bench.
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