9911796707
TMI Blog2022 (1) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... t the assessee was one of the beneficiaries in penny stock scam, where organized tax-evasion scam was detected through bogus Long Term Capital Gain/Short Term Capital Gain on penny stock through the unique modus operandi involved in the scam". 2. On the facts and circumstances of the case, the Hon'ble ITAT is requested to entertain this appeal though the tax effect is below the monetary limit prescribed in the CBDT's Circular No. 17/2019 dated 08.08.2019 as an exception to the said Circular as the case is in the nature of organized tax evasion scam as mentioned in CBDT'S Circular No. 23/2019 dated 06.09.2019". 3. "The appellant craves leave to add, to amend, alter, substitute or modify any of the above ground or add a fresh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut investigation & various confessional statements of entries operators that it is a fictitious transaction the assessee's submission cannot be accepted & has added the amount u/s. 68 of the IT Act. During the course of appellate proceedings the appellant filed documents in support of its claim that it was a genuine transaction. The appellant has submitted that it has filed its return of income for AY 2011-12 showing Salary Income of Rs. 1,60,978/- and has not claimed STCL of Rs. 36,398/-. It was further submitted that during the year he purchased 1300 shares of M/s. SVC Resource Ltd. for Rs. 2,61,099/- & sold the same for Rs. 2,62,428/- and earned Capital gains of Rs. 1329/-. All the transactions have been carried out by Demat Accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ven bothered to find out what is the gain and what is the cost price. Without any application of mind he has added the entire amount an addition u/s. 68. Ld. CIT(A) on the other hand given a finding that the gain from this scrip of SVC Resource Ltd is amounting to only Rs. 1,329/-. Moreover, nowhere AO has mentioned that assessee has been named by the SEBI for penalizing or any order has been passed against the assessee. In these circumstances addition on the basis of conjunctures and surmise has been rightly deleted by the Ld. CIT(A). Hence, I do not find any infirmity in the order of Ld. CIT(A). Hence, I uphold the same.
7. In the result, appeal of the assessee stands dismissed.
Pronounced in the open court on 09.12.2021. X X X X Extracts X X X X X X X X Extracts X X X X
|
