9911796707
TMI Blog2022 (6) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... se, hence, same is not qualified to be entertained - Appeal of the Revenue is dismissed relying on Board Circular - ITA No. 6347/Mum/2019 - - - Dated:- 15-3-2022 - SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER Appellant by : Sh. B.K. Bagchi Respondent by : Sh. Abhay Nerurkar ORDER PER GAGAN GOYAL, A.M: This appeal by the Revenue is directed against the order of Commissioner of Income Tax (Appeals)-20, Mumbai [hereinafter referred to as the CIT (A) ] dated 25.06.2019 for the Assessment Year (AY) 2011-12. The Revenue has filed the following grounds of appeal: 1. Whether on the facts and circumstances of the case, Ld. CIT (A) is justified in deleting the addition made u/s 68 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee. The Investigation Wing alleged that the shares of M/s. KCL Infra Projects Ltd. were being used as penny stock to provide bogus Long Term Capital Gain (LTCG)/Short Term Capital Loss (LTCL). The Assessing Officer (AO) further sought information from the Bombay Stock Exchange (BSE) to identify the beneficiaries who have traded in the share of KCLIPL. This information was reconciled with the return of income filed by the assessee and it was noticed that this transaction of shares was not appearing in ITS. Details of the assessee extracted from I.T.D. System. During 148 proceedings, assessee responded the contract notes, Bank Account showing the payment received from the broker, Demat A/c statement. The AO considering the replies of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO was not justified in disallowing the STCL of Rs. 10,530/-. In the result, ground of appeal No. 1 2 are allowed. 4. We have gone through the assessment order with replies of assessee filed before the AO and the order of CIT (A) along with submission of the assessee before the CIT (A). Before deciding the matter with respect to ground no.1, 2 4, it is pertinent to refer ground no.3 with reference to Circular No. 23/2019 dated 06.09.2019. Subject: -Exception to monetary limits for filing appeals specified in any Circular issued under Section 268A of the Income-tax Act, 1961-reg Reference is invited to the Circulars issued from time to time by Central Board of Direct Taxes (the Board) under section 268A of the Income-tax Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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