TMI Blog2022 (9) TMI 1190X X X X Extracts X X X X X X X X Extracts X X X X ..... alleged that the assessee therein had earned long term capital gain which was almost forty-five times the investment within a short span of time. In this case as well, a perusal of the petitioner s reply dated 29th May, 2022 evidences that the shares purchased at face value of Rs.1 were sold at approx. Rs.50 per share earning the petitioner the LTCG which were admittedly claimed as exempt income. AO in the impugned order has also held that the assessee is one of the beneficiary of generating bogus LTCG STCG through M/s Solis Marketing Ltd. in planned manner and has routed her unaccounted income. The total consideration has escaped assessment . In fact, in the impugned order, it has been repeatedly emphasised by the AO that the entire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner states that the impugned order passed under Section 148A(d) and the impugned notice issued under Section 148 of the Act are without jurisdiction, as the income alleged to have escaped assessment is Rs.34,44,855/-, which is less than the jurisdictional requirement of Rs.50 Lakhs. 5. He states that the Respondent has passed the impugned order without considering the detailed submissions of the Petitioner, wherein the Petitioner had submitted that the Petitioner had already paid tax on the Short Term Capital gain ( STCG ) of Rs. 995/-and that the Petitioner had only claimed Long Term Capital Gain ( LTCG ) of Rs.33,74,855/-under Section 10(38) of the Act. 6. Learned counsel for the petitioner states that the finding of the Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e sold at approx. Rs.50 per share earning the petitioner the LTCG which were admittedly claimed as exempt income. The Assessing Officer in the impugned order has also held that the assessee is one of the beneficiary of generating bogus LTCG STCG through M/s Solis Marketing Ltd. in planned manner and has routed her unaccounted income. Hence, the total consideration of Rs.50,10,500/-has escaped assessment . In fact, in the impugned order, it has been repeatedly emphasised by the Assessing Officer that the entire consideration of Rs.50,10,500/-received by the petitioner is income that has escaped assessment. 9. Consequently, neither the bifurcation between the STCG and LTCG nor the calculation of income furnished by the petitioner can be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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