TMI Blog2023 (6) TMI 1113X X X X Extracts X X X X X X X X Extracts X X X X ..... ous transaction identified by the Investigation Wing. The said report of the Investigation Wing has been duly taken note by the Hon ble Calcutta High Court. The issue is squarely covered by the decision of the Calcutta High Court in the case of Swati Bajaj [ 2022 (6) TMI 670 - CALCUTTA HIGH COURT] against the assessee and in favour of the revenue. - I.T.A No.1738/Kol/2019 - - - Dated:- 1-5-2023 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ghosh appeared on behalf of the assessee and requested for adjournments which were accordingly granted. However, from the last four dates, no one put in appearance on behalf of the assessee despite notices sent through registered post as well as electronically at the email address provided by the assessee. Today, the Bench Clerk was asked to contact Shri Somnath Ghosh and appraise about the heari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he aforesaid loss and the said company was found to be penny stock company created for the purpose of booking bogus capital gains/capital loss by the Investigation Wing. The issue of booking of bogus capital gains/loss in penny stock companies has come into consideration before the Hon ble Jurisdictional High Court in the case of PCIT vs. Swati Bajaj Ors reported in [2022] 139 taxmann.com 352 (C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red by the decision of the Calcutta High Court in the case of Swati Bajaj (supra) against the assessee and in favour of the revenue. Moreover, despite granting many opportunities, the assessee has failed to respond to any of the notices and, therefore, the reasonable presumption is that the assessee has nothing to say after the decision of the Calcutta High Court in the case of Swati Bajaj (supra) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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