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TMI Blog2019 (8) TMI 1703X X X X Extracts X X X X X X X X Extracts X X X X ..... he Investigation Report, which has been received by the AO from the Directorate of Investigation, Kolkatta, we are of the view that the disallowance made by the AO and as confirmed by the CIT(A) merely on presumptions is unsustainable. Following the decision of the decision of the co-ordinate Bench of this Tribunal in the case of Shri Ashwin Kumar Davey [ 2018 (12) TMI 1880 - ITAT CHENNAI] AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the AO has treated the transactions done by the assessee in respect of its purchase and sale of shares in the case of M/s.Tuni Textiles Mills Ltd., to be one of the penny stock. It was a submission that the purchase and sale of the shares were done through the Bombay Stock Exchange (in short BSE ). It was a submission that the assessee had purchased 5000 shares on 07.12.2010 @ ₹ 116.82/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, it has been held as follows: 5. We have considered the rival submissions. A perusal of the assessment order clearly shows that this is not a case where the ld. Assessing Officer has been able point out where the assessee has made a bogus claim of long term capital gains exempt u/s.10(38) of the Act. Further, perusal of the assessment order clearly shows that from page-1, para-3 to para ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by purchase and sale of shares of M/s.NCL Research Limited and M/s.RISA International as claimed by the assessee . 4. In reply, the Ld.DR submitted the fact that the assessee had made such huge profits showed that the transactions were suspected. It was a submission that the order of the AO and the Ld.CIT(A) was liable to be upheld. 5. We have considered the rival submissions. 6. It is n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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