TMI Blog2021 (7) TMI 502X X X X Extracts X X X X X X X X Extracts X X X X ..... smissed. - I.T.A. Nos. 2905, 2906, 2907/Chny/2019 and 39/Chny/2020 - - - Dated:- 1-7-2021 - Duvvuru R. L. Reddy, Member (J) And S. Jayaraman, Member (A) For the Respondents : G. Johnson, Addl. CIT ORDER S. Jayaraman, Member (A) The above assessees filed these appeals against the orders of the Commissioner of Income Tax (Appeals)-5, Chennai in ITA No. 84/CIT(A)-5/2018-19 dated 20.09.2019, ITA No. 274/CIT(A)-5/2018-19 dated 14.08.2019, ITA No. 139/CIT(A)-5/2018-19 date 30.07.2019 and in ITA No. 272/CIT(A)-5/2018-19 dated 20.11.2019 for the assessment years 2011-12 2012-13, respectively. 2. The above assessees purchased the shares of M/s. Bakra Pratishthan Limited and M/s. Blue Prints Securities Limited, as the case m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Corporate Circle-6, Chennai, Mrs. Vidya Reddy, Chennai-18 vs The ITO Intl. Taxation Ward-1(2), Chennai, PCIT (Central)-1 vs NRA Iron Steel Pvt. Ltd. [2019] 103 taxmann.com 48 (SC) etc held that the Assessing Office has clearly established the fact in each of the case that the impugned transaction is manipulated with the collusion of brokers to paint credit worthiness to the transaction and to claim exemption u/s. 10(38). Therefore, the case laws relied upon, by the respective assessee, are not applicable to the facts of the case and upheld the action of the respective Assessing Officer to treat the entire sale proceeds of the impugned penny stock as an unexplained credits u/s. 68. Aggrieved, the respective assessee filed the above appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... als) has failed to appreciate the fact that the purchase consideration was made through banking channel. 6. That the learned Commissioner of Income Tax (Appeals) has erred in relying upon case laws that are wholly distinguishable on law and facts. 7. That the learned Commissioner of Income Tax (Appeals) has failed to notice that the learned Assessing Officer has not followed the decision of the Honourable Income Tax Appellate Tribunal to bring on record the role of the assessee in promoting the company and inflating the share price of the company. 8. The appellant craves leave for any other additional grounds that may be abused or permitted to be abused at the time of the hearing. 3. These cases were posted for hearing t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ough whom she has undertaken the transactions of purchase and sale of shares, sub-broker, friend and the broker through whom transactions have been undertaken. However, the assessee has failed to do so. The Ld. CIT(A) after considering all the submissions/material etc of each of these assessees and after going through various case laws mentioned in his order has clearly recorded a finding that the AO has clearly established the fact that the impugned transaction is manipulated with the collusion of brokers to paint credit worthiness to the transaction and to claim exemption u/s. 10(38) of the Act and sustained the respective assessment. It is clear from the grounds of appeal and the material available on record that the respective assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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