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TMI Blog2023 (12) TMI 404X X X X Extracts X X X X X X X X Extracts X X X X ..... peal. Their Chartered Accountant not informed them about outcome of appeal. The assessee on coming to know that their appeal has been rejected, in the month of August, 2023, immediately, filed the present appeal by engaging him. The ld. AR of the assessee submits that the delay in filing appeal is neither intentional nor deliberate but for the reasons beyond the control of assessee. The assessee is not going to be benefitted in filing appeal belatedly. The ld. AR of the assessee further submits that when there is mistake on the part of Chartered Accountant in filing appeal before the Tribunal, the delay may be condoned as has been held by the Hon'ble Karnataka High Court in Mrs. Premalatha Pagaria Vs ITO (2021) 130 taxmann.com 403. The ld. AR of the assessee further submits that while considering the application of condonation of delay, if the delay is not very long, the Bench may adopt a pragmatic approach. To support such view, the ld. AR of the assessee relied upon the decision of Hon'ble Jurisdictional High Court in the case of Shreeji Prints Pvt. Ltd. Vs Commissioner of Customs (Appeals) 2017 (357) E.LT. 92 (Guj). 3. On the other hand, the learned Senior Departmental ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 43,200/- from scrip of M/s Splash Media & Infra Ltd. which is engaged in providing accommodation entry as per the information that investigation wing of Calcutta carried out investigation that certain bogus companies are indulging in providing entries of penny stock and that the assessee is beneficiary of such penny stock. The assessee has purchased 7800 shares of M/s Splash Media & Infra Ltd. on 06/01/2011 at a price of Rs. 5,53,800/- and sold all the scrips on 18/01/2011 for a consideration of Rs. 8,97,000/-, thus earned short term capital gain of Rs. 3,43,200/-. The Investigation Wing identified M/s Splash Media & Infra Ltd. as one of the penny stock entity for providing bogus entry. The assessee filed its reply dated 17/12/2018. In the reply, the assessee stated that they have purchased 7800 shares on 06/01/2011 at the rate of Rs. 71/- per share and sold on 18/01/2011 at the rate of Rs. 115/- per share through Reliance Securities Limited on Bombay Stock Exchange. The assessee provided contract note of purchases and details of sale transaction. The assessee stated that they have paid Share Transaction Tax (STT) on such transaction. The assessee also furnished trading account fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee which has no sound business activity and confirmed the order of Assessing Officer. Further aggrieved, the assessee has filed present appeal before the Tribunal. 8. I find that the assessee has raised as many as 22 grounds of appeal running into 17 pages. The grounds of appeal raised by assessee are not in consonance with the Income Tax (Appellate Tribunal) Rules, 1963. All the grounds of appeal are narration of facts. However, in my considered view, the only substantial ground of appeal for adjudication is "whether on facts and law, the Assessing Officer erred in treating the short term capital gain of Rs. 3,43,200/- as unexplained cash credit on sale of shares of M/s Splash Media & Infra Ltd." No other grounds of appeal arise as neither the assessee has challenged the validity of reopening before the ld. CIT(A) nor raised any iota of grounds in all 22 grounds of appeal running into 17 pages. No application for raising additional ground of appeal is filed nor any liberty is sought to raised legal plea by assessee. 9. I have heard the submissions of ld. AR of the assessee and the ld. Sr. DR for the revenue. The ld. AR of the assessee submits that the case of assessee was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the transaction by furnishing complete evidence of whole of the transaction. The assessee filed contra confirmation from their broker, contract note reflecting purchases through Reliance Securities Limited, payment of STT, contract note of sale of share through Reliance Securities Limited and payment of STT, transaction of Demat account of assessee with broker alongwith bank statement. The transaction of assessee is genuine and cannot be treated non-genuine on the basis of third party information. The ld. AR of the assessee has also filed legal paper book containing more than 20 decisions on various issues. 10. On the other hand, the ld. Sr. DR for the revenue supported the orders of lower authorities. The ld. Sr. DR for the revenue submits that within 12 days of purchase, the rate of impugned scrips was increased from Rs. 71 to Rs. 115/- per share. Such increase is not ordinary being unordinary as a result of price manipulation. The assessee is beneficiary of penny stock and the Assessing Officer rightly brought such surplus shown in the form of capital gain as unexplained credit. The ld. Sr. DR for the revenue submits that all the submissions and argument of assessee was cons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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