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TMI Blog2025 (5) TMI 1497X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing Officer (AO) disallowing assessee's claim of exemption of Long Term Capital Gains (LTCG) u/s. 10(38) of the Income Tax Act,1961(hereinafter referred to as 'the Act'). 3. The brief facts of the case as emanating from records are: During the period relevant to assessment year under appeal, the assessee had sold shares of Eins Eductech Ltd. (Formerly known as Thyrocar Lab Ltd.). The assessee earned LTCG of Rs. 1,26,30,352/- on sale of said shares and claimed the same as exempt u/s. 10(38) of the Act. The AO on the basis of report of Investigation Wing held that Eins Eductech Ltd. is one of the declared penny stocks and the Long Term Capital Gain/Short Term Capital Loss on sale of said scrip is merely a bogus entry. The AO not only disal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 5204/Del/2019. The Tribunal vide order dated 06.04.2021 confirmed the order of CIT(A) and dismissed appeal of the Revenue. The reasons given by the AO for rejecting assessee's claim of exemption u/s. 10(38) of the Act and the scrip on which the assessee has earned Long Term Capital Gain is identical and the reasons recorded by AO for rejecting assessee's claim of exemption is also similar. Thus, the decision rendered in the case of Shivani Gupta (supra) fully applies to the facts of the present case. 5. Per contra, Ms. Harpreet Kaur Hansra representing the department vehemently defended the assessment order and prayed for reversing findings of the CIT(A). The ld. DR submits that the assessee has indulged in obtaining bogus Long Term Capi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bogus entries or their linkage with dubious operators in any manner. No evidence is brought on record to show semblance in the transactions carried out by the assessee with the modus operandi discussed in the investigation report from Kolkata Directorate. For disallowing assessee's claim u/s. 10(38) of the Act, the AO has recorded facts of assessee's transaction and then discussed the report and modus operandi mentioned therein, without establishing the nexus between the two. 7. We find that the issue in appeal is identical to the one adjudicated by the Tribunal in the case of ITO vs. Shivani Gupta in ITA No. 5204/Del/2019 (supra). The assessee in said case, as is in the present case had traded in shares of Eins Eductech Ltd. on BSE and h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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