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TMI Blog2024 (6) TMI 1068X X X X Extracts X X X X X X X X Extracts X X X X ..... tra, Adv. For the Respondents : Mr. Amit Sharma, Adv. The Court : This appeal filed by the assessee under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated September 21, 2023, passed by the Income Tax Appellate Tribunal, 'A' Bench, Kolkata (Tribunal) in ITA No. 1782/Kol/2018 for the assessment year 2015-16. 2. The assessee has raised the following substant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s rendered in a factual scenario involving off market transactions and wherefrom inference cannot be drawn in the present facts and circumstances ? iii) Whether the Tribunal has failed to consider the report of the Securitisation and Exchange Board of India in its proper perspective since the said report does not name the assessee/appellant herein and reaffirms the submissions made by the appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng of shares in a company called, Sulabh Engineers & Services Ltd. After examining the facts, the CIT(A) brought out the modus operandi and has recorded finding as to how the claim for long-term capital gain is a bogus claim. The conclusion arrived at by the Tribunal has also been supported by various decisions of the courts including of this Court in the case of Swati Bajaj vs. Director of Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. Be that as it may, the reliance placed on the order passed by the adjudicating authority of the Securities and Exchange Board of India (SEBI) is thoroughly misplaced since the said order does not examine the specific transaction done by the assessee with respect to the shares of Sulabh Engineers & Services Ltd. 7. Therefore, placing reliance on the said order passed by the SEBI dated 4th Oc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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