TMI Blog2018 (9) TMI 709X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of income the assessee has duly disclosed all the particulars of her income and under the head “Income with full exemption” the assessee has claimed dividend income as exempt and also long term capital gain on which STT is paid which is also exempt from tax. Further find that during the course of scrutiny assessment proceedings the AO has proceeded by the assumption that the shares purchas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A), Meerut dated 22.12.2017 pertaining to assessment year 2014-15. Since the underline facts in issues are identical in the case of both the appellants, therefore, I deem it fit to dispose off both the appeals by this common order for the sake of convenience and brevity. 2. The Representatives of both the sides agreed that facts of ITA No. 1302/Del/2018 may be taken into consideration in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the entire transactions related to penny stock and the capital gains so generated is bogus. Being frustrated by the repetitive queries of the AO the Assessee surrendered the claim of exemption and offered the entire capital gains for taxation. The assessment was completed accordingly. However, the AO initiated penalty proceedings u/s. 271(1) of the Act stating that the assessee has furnished i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly supported the findings of the lower authorities. 4. I have given the thoughtful consideration to the orders of the authorities below. I find that in the computation of income the assessee has duly disclosed all the particulars of her income and under the head Income with full exemption the assessee has claimed dividend income as exempt and also long term capital gain on which STT is paid w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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