TMI Blog2023 (7) TMI 1091X X X X Extracts X X X X X X X X Extracts X X X X ..... red into respondent s Demat account where it remained for more than one year. After a period of one year the shares were sold by the said broker on various dates in the Kolkata Stock Exchange. Pursuant to sale of shares the said broker had also issued contract notes cum bill for sale and these contract notes and bills were made available during the course of appellate proceedings. On the sale o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Appellant : Ms. Sushma Nagraj a/w Ms. Sakshi Kapadia. For the Respondent : None. P.C. : 1. This appeal is impugning an order dated 27th May 2016 passed by the Income Tax Appellate Tribunal (ITAT) rejecting two appeals that Revenue had filed against the order of Commissioner of Income Tax (Appeals) (CIT[A]) for Assessment Year 2005-06 in the matter of order passed under S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a penny stock and the capital gain declared was held to be accommodation entries. A broker Basant Periwal Co. (the said broker) through whom these transactions have been effected had appeared and it was evident that the broker had indulged in price manipulation through synchronized and cross deal in scrip of RFL. SEBI had also passed an order regarding irregularities and synchronized trades c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said broker in the scrip of RFL. The CIT[A] came to the conclusion that respondent brought 3000 shares of RFL, on the floor of Kolkata Stock Exchange through registered share broker. In pursuance of purchase of shares the said broker had raised invoice and purchase price was paid by cheque and respondent s bank account has been debited. The shares were also transferred into respondent s Demat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e shares were purchased by respondent on the floor of Stock Exchange and not from the said broker, deliveries were taken, contract notes were issued and shares were also sold on the floor of Stock Exchange. The ITAT therefore, in our view, rightly concluded that there was no merit in the appeal. 5. We also find no infirmity in the order passed by the ITAT and no substantial questions of law as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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