TMI Blog2021 (12) TMI 1406X X X X Extracts X X X X X X X X Extracts X X X X ..... er retaining them for more than 10 years. There is nothing with the Assessing Officer to treat it as a bogus investment to earn profit in a short span of time. Therefore, the appeal of the Revenue is devoid of any merit and, accordingly, it is dismissed. - ITA No. 1505/Ahd/2019 - - - Dated:- 1-12-2021 - Shri Rajpal Yadav, Vice President And Shri Waseem Ahmed, Accountant Member For the Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0(38) of the Act of Rs.2,10,474/- which was a Long Term Capital Gain arose from the sale of shares of M/s. Devika Proteins Limited. The learned Assessing Officer treated this as a penny stock and a bogus claim. He accordingly made addition under Section 68 of the Act. 3. On appeal, the learned CIT(A) deleted this addition by recording the following findings:- 5.2 I have carefully considered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es the claim made by the appellant. The appellant further submitted that the above Retails were also filed before the AO. In view of the above facts, the contention of appellant is found tenable and accordingly addition made by the AO on account of bogus capital gain is deleted. 4. After due consideration of the findings of the learned CIT(A), we do not find any error in it. The shares were ..... X X X X Extracts X X X X X X X X Extracts X X X X
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