TMI Blog2020 (2) TMI 1344X X X X Extracts X X X X X X X X Extracts X X X X ..... as discharged his onus and no addition can be sustained in the hands of the assessee. - ITA. No. 549/AHD/2018 - - - Dated:- 20-2-2020 - SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER SHRI MAHAVIR PRASAD, JUDICIAL MEMBER For the Appellant : Shri P.D. Shah, AR For the Respondent : Shri N.K. Goyal, Sr. D.R. ORDER PER MAHAVIR PRASAD, JUDICIAL MEMBER 1. This appeal filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aim of exempt income of Long Term Capital Gain u/s Sec 10(38) of the Act and therefore the learned AO should be directed to allow the said claim of ₹ 9,70,468/- under section 10(38) of the Act while computing the total income. 4. That the learned C1T(A) has erred in law and facts by not allowing appeal for the determination of the amount of the interest under section 234B of the Act and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessing officer after receiving information from the Investigation Wing issued notice to the assessee alleging that assessee has carried out on bogus penny stock and booking of bogus LTCG. 4. In response to the notice, assessee submitted purchase bill, sales bills, copy of demat statement etc. and reiterated that the assessee has not carried out any bogus penny stock transaction and earned bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt and Demat account have been submitted before the lower authorities. 8. Ld. A.R. also drawn our attention towards the statement of Edelweiss Broking Ltd. through the said company shares were sold and also shown us copy of the Contract Note and all these details were furnished before the lower authorities. The assessee has earned long term capital gain from the sale of companies share i.e. Alp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee for bogus long term capital gain. But in this case, neither statement was supplying to the assessee nor cross examination was allowed by the ld. A.O. Therefore, in our considered opinion, assessee has discharged his onus and no addition can be sustained in the hands of the assessee. 12. In the result, appeal filed by the Assessee is allowed. Order pronounced in Open Court on 20 - 02- ..... X X X X Extracts X X X X X X X X Extracts X X X X
|