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TMI Blog2022 (2) TMI 1153X X X X Extracts X X X X X X X X Extracts X X X X ..... he respondent by letter dated 14.12.2021 has informed the Joint Central Government advocate that he has opted for the Vivad Se Vishwas Scheme (V.S.V.Scheme) and Form No.4 has been issued. Therefore, we exercise discretion and condone the delay in filing the appeal. The application being IA No. GA 1 of 2020 for condonation of delay is allowed. Re.: ITAT 53 of 2020 This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act, for brevity) is directed against the order dated 26th June, 2019 passed by the Income Tax Appellate Tribunal, Kolkata Bench 'SMC' Kolkata in ITA No. 2685/Kol/2018 for the assessment year 2014-15. The revenue has raised the following substantial questions of law for consideration: A. Wheth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apital/premium to the satisfaction of the Assessing Officer, failure of which, would justify addition of the said amount to the income of the Assessee? F. Whether in the facts and circumstances of the case and in law, the Learned Income Tax Appellate Tribunal had erred and failed to appreciate that the assessee could not substantiate the genuineness of the transaction to prove that the assessee had not indulged in a dubious share transactions meant an account for undisclosed income in the garb of Long Term Capital Gain (LTCG) to claim exemption under Section 10(38) of the Income Tax Act, 1961? G. Without prejudice, whether in the facts and circumstances of the case and in law, the Learned Income Tax Appellate Tribunal had erred while al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th in light of conduct of assessee and other surrounding circumstances in order to see whether the assessee is liable to provision of Section 68 of the Income Tax Act or not? L. Whether the Learned Tribunal has committed substantial error in law in accepting the transactions in purchase/sale of penny stock as genuine, mainly on the basis of documents supplied by the assessee without piercing the veil of the manipulative and fraudulent transactions entered by assessee in collusion with a help of share brokers and entry operators for the purpose of tax evasion? In this appeal as well as in the condone delay petition notice was ordered and the department has taken steps to issue notice to the respondent/assessee dated 05.08.2021. The respon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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