TMI Blog2022 (6) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... wever, the AO was unconvinced. Ultimately, he proceeded to complete the assessment by treating the long term capital gain as unexplained cash credit under section 68 of the Act. Further, he added back an amount as commission paid to avail the bogus long term capital gain. The additions so made by the AO were also confirmed by learned Commissioner (Appeals). On a careful reading of the orders passed by the departmental authorities, it is observed, as per the investigation conducted in relation to the shares of the company, on which, the assessee offered long term capital gain, it was found that it is a penny stock company. It was also found that due to price manipulation and rigging, there was astronomical increase in the price of the sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the official website. Thus, it has to be assumed that the assessee had sufficient notice of the proceeding before the Tribunal. In spite of this, since the assessee has not cared to appear before the Tribunal to represent its case, it has to be presumed that the assessee is not serious in pursuing its appeal. Since, sufficient opportunity has been granted to the assessee, I am of the view that the assessee does not deserve any further opportunity to represent its case. Accordingly, I proceed to dispose of the appeal ex-parte qua the assessee after hearing the learned Departmental Representative and based on the materials on record. 3. Grounds raised by the assessee relate to addition of Rs.29,18,507/- made under section 68 of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Ultimately, he proceeded to complete the assessment by treating the long term capital gain of Rs.29,18,507/- as unexplained cash credit under section 68 of the Act. Further, he added back an amount of Rs.30,689/- as commission paid to avail the bogus long term capital gain. The additions so made by the Assessing Officer were also confirmed by learned Commissioner (Appeals). 5. I have heard learned Departmental Representative and perused the materials on record. On a careful reading of the orders passed by the departmental authorities, it is observed, as per the investigation conducted in relation to the shares of the company, on which, the assessee offered long term capital gain, it was found that it is a penny stock company. It was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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