TMI Blog2022 (11) TMI 810X X X X Extracts X X X X X X X X Extracts X X X X ..... through penny stock companies is found to be correct. We herefore, respectfully following the ratio laid down in the case of Swati Bajaj (supra) confirm the additions made by the AO in respect of bogus long-term capital gain/bogus loss. - Decided against assessee. - I.T.A. No. 513/KOL/2019 And I.T.A. No. 514/KOL/2019 And I.T.A. No. 384/KOL/2022 - - - Dated:- 19-9-2022 - Dr. Manish Borad, Accountant Member For the Appellants : Shri Siddharth Agarwal, Advocate For the Respondent : Shri Vijay Kumar, Addl. CIT, Sr. D.R. ORDER These appeals at the instance of different assessees for assessment years 2013-14, 2013-14 2014-15 are directed against the orders of ld. Commissioner of Income Tax (Appeals), National Faceless ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd perused the relevant material available on record. After hearing the ld. Counsel for the assessees fairly accepting that the issues raised in the instant three appeals are squarely covered against the assessees by the judgment of the Hon ble Jurisdictional High Court vide common order dated 14.06.2022 in the case of Swati Bajaj (supra). I find that in the case of Swati Bajaj (supra), the facts before the Hon ble Jurisdictional High Court, were that the assessee has claimed exempt income under section 10(38) of the Act at Rs.28,23,500/- from sale of equity shares of a listed company namely Surabhi Chemicals Investment Limited. Suraj Gujarat In a short span of 17 to 20 months, there was growth of 2823% in the share price even when genera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 7. Similar is the fact in the case of Madhu Goel, where exempt income under section 10(38) has been claimed at Rs.16,92,658/- from sale of equity shares of M/s. Quest Finance Service Limited. 8. As regards in the case of assessee M/s. Enkay Trafin Pvt. Limited in ITA No. 384/KOL/2022 is concerned, there is a claim of bogus loss at Rs.39,00,270/- and as stated by the ld. Assessing Officer in this case that the assessee company purchased the shares when the prices of the alleged penny stock companies are almost at its peak and brokers were going to start its downward cycle to provide bogus short-term capital loss/trading loss/loss in valuation of closing stock adopting market price as on the last day of the financial year and the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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