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TMI Blog2025 (5) TMI 353X X X X Extracts X X X X X X X X Extracts X X X X ..... essee on dated 11.02.2013 had purchased 10,000 shares at Rs. 20 each of M/s. Santoshima Tradelinks Limited by paying a cheque of Rs. 2,00,000/- of Central Bank of India, which was encashed on 15.02.2013. Subsequently, M/s. Santoshima Tradelinks Limited amalgamated with M/s. Sunrise Asian Ltd. and consequently 10,000 shares of M/s. Sunrise Asian Ltd. were allotted. Subsequently, the Assessee got dematerialized the said shares on dated 11.11.2013 and sold 5120 shares through online platform i.e. Bombay Stock Exchange on a total consideration of Rs. 25,15,320/- from 14th March to 25th March 2014 and consequently earned the long term capital gain of Rs. 24,04,115/- and claimed the same as exempt u/s 10(38) of the Act. The Assessing Officer (AO) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ong with share certificates of M/s. Santoshima Tradelinks Limited in the name of Assessee, letter dated 21.06.2013 issued by Sunrise Asian Ltd. for allotting shares in pursuance to amalgamation scheme, bank statement of Central Bank of India reflecting payment made for purchase of shares, contract notes for sale of shares, bank statement reflecting receipts from sale of shares and demat statement for the period from 01.04.2013 to 31.03.2014, in order to demonstrate the genuineness of the transaction and to discharge the prima-facie onus cast u/s 68 and 69C of the Act. 5. Recently, the Co-ordinate Bench of the Tribunal, in the case of Mr. Rambilas S Agarwal in ITA No.3238/M/2023 decided on 08.04.2025, has also dealt with the identical share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e price of the script sold by the assessee, was justified in relying upon the report of the Investigation Wing of Kolkata as well as the fact that the SEBI has suspended the transaction of the said script for some time and accordingly, the Assessing Officer was justified in making addition of unaccounted income of the assessee on the ground of accommodation entries availed by the assessee. [15] It was further submitted that the CIT(A), after considering the documents available on record, has upheld the view taken by the Assessing Officer. It was submitted that the Tribunal, after considering the submissions made by the assessee and the Departmental Representative, allowed the appeal. It was submitted that the Tribunal, therefore, contrary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nvestment was made in the year 2000-01. The shares were retained for more than ten years and were sold after such long time. These circumstances suggested that the investment was not bogus or investment made in penny stock. The shares were purchased in order to invest and not for the purpose of earning exempted income by frequent trading in short span". 6. The finding recorded by the appellate authority and confirmed by the appellate tribunal is based on material before them. They are in the realm of findings of fact. No error could be noticed in the findings and conclusion that the investment was longstanding and genuine and was not penny stock on the basis of which the capital gain was wrongly claimed. 6.1 On the facts of case, no que ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n routed back to him. There is no nexus with the Assessee with price rigging and no adverse observation from stock exchange. The addition simply on third party statement is uncalled for. We respectfully relied on the order of Hon'ble Supreme Court in PCIT vs Smt. Renu Aggarwal [2023] 456 ITR 249 (SC). We respectfully rely on the orders of the Hon'ble Apex Court, Jurisdictional High Court and Coordinate Bench of ITAT Mumbai which has similar in the factual matrix with the impugned issue. The grounds of appeal of the assessee are upheld. We set aside the impugned appeal order. The additions amount to Rs. Rs. 47,51,164/- U/s 68 of the Act and amount to Rs. 50,061/- U/s 69C are quashed. 9. As we observed above that the Assessee purc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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