TMI Blog2017 (3) TMI 1058X X X X Extracts X X X X X X X X Extracts X X X X ..... he order passed by the CIT(A). Thus the impugned order of the Tribunal has also on facts found that the sale proceeds received on sale of KCL shares to be genuine. In view of the concurrent finding of facts by the CIT(A) and the Tribunal, the question of law as proposed does not give rise to any substantial question of law - INCOME TAX APPEAL NO. 1744 OF 2014 - - - Dated:- 15-3-2017 - M. S. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as against STCG shown by the assessee when the assessee entered into bogus transaction to generate artificial Short Term Capital Gain from the penny stock? 3. The basic dispute between the Revenue and the assessee is whether the receipt of ₹ 1.48 crores is a genuine sale proceeds of shares of Karuna Cables Ltd. (KCL) or is it undisclosed income of the respondent-assessee. Befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n appeal to the Tribunal. The Tribunal after recording the aforesaid facts particularly the remand report of the Assessing Officer accepting the claim of the respondent assesesee found no reason to upset the order passed by the CIT(A). Thus the impugned order of the Tribunal has also on facts found that the sale proceeds received on sale of KCL shares to be genuine. 5. In view of the concurre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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