TMI Blog2019 (1) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... ion taken in 2015 would not affect the transactions done in 2013. Moreover, neither the SEBI nor the BSE has nullified the transactions done in 2013 in the scrip of Turbotech Engineering Pvt Ltd. Merely because some market players were doing clandestine activities in some scrips in the stock market would not make genuine transactions bogus. Merely because in the report of investigation wing, Kolkata name of Turbotech Engineering Pvt Ltd is mentioned would not make genuine transaction bogus - no direct evidence to demonstrate that the assessee was one of the direct beneficiaries of the accommodation entries provided by the company. Considering all no merit in the impugned additions - allow claim of long term capital gain exemption u/s 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer came to notice that the Directorate of Investigation, Kolkata carried out country-wide investigation to unearth the organized racket of generating bogus entries of long term capital gain, which is exempt from tax. The Assessing Officer learnt that Turbotech Engineering Pvt Ltd is also one such company which has been identified as a listed penny stock on BSE, which has been used for generating bogus long term capital gain. 6. Drawing support from the order of the SEBI and further finding that the scrip Turbotech Engineering Pvt Ltd, in which trading done by the assessee has been suspended by the Bombay Stock Exchange vide notice dated 01.01.2015. After analysing the investigation report from Kolkata, SEBI orders and BSE orders an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cause in the report of investigation wing, Kolkata name of Turbotech Engineering Pvt Ltd is mentioned would not make genuine transaction bogus. There is no direct evidence to demonstrate that the assessee was one of the direct beneficiaries of the accommodation entries provided by the company. Considering the facts of the case in totality in the light of supporting documentary evidences, I do not find any merit in the impugned additions. I, accordingly, direct the Assessing Officer to allow claim of long term capital gain exemption u/s 10(38) of the Act and delete the additions made u/s 69C of the Act. 8. In the result, the appeal filed by the assessee in ITA No. 3387/DEL/2018 is allowed. The order is pronounced in the open court on 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
