9911796707
TMI Blog2023 (8) TMI 1483X X X X Extracts X X X X X X X X Extracts X X X X ..... VOCATE for the Appellant NONE for the Opponent ORAL ORDER (PER : HONOURABLE MR. JUSTICE BIREN VAISHNAV) 1. This tax appeal challenges the order dated 15.05.2023 passed by the Income Tax Appellate Tribunal (for short 'the Tribunal') for the assessment year 2011-12. 2. The following substantial question of law has been raised in this appeal for consideration: (i) Whether in the facts and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bogus LTCG/ Loss to the beneficiaries. It was further intimated that the assessee is one of the beneficiaries / member of this accommodation entry syndicate. The case was re-opened u/s. 147 of the IT Act by issuing notice u/s. 148 of the IT Act dated 30.03.2018, after recording the reasons and obtaining approval of Pr. CIT, Ahmedabad-1, Ahmedabad. 3.1 In response to notice u/s 148, the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d from trading in other shares. Hence, the loss incurred due to trading in script of "VAS Infra" is found to be bogus loss and the same is required to disallowed and added to the total income of the assessee. Accordingly, the amount of Rs.3,33,466/- is added to the income of the assessee. A penalty proceeding u/s 271(1) (c) is initiated separately for furnishing inaccurate particulars of income. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per the SEBI report the script VAS Infrastructure Ltd. was not blacklisted and was not termed as penny stock by the Stock Exchange Regulatory Authority. The period for purchase and sale was mentioned by the Assessing Officer dealt with 10000 shares for which the trading data was taken into account by the CIT(A). The details filed by the assessee such as contract note of transactions in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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