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TMI Blog2022 (9) TMI 1328X X X X Extracts X X X X X X X X Extracts X X X X ..... k Mitra , Adv. for appellant GA/1/2022 ORDER The Court : We have heard Mr. Tilak Mitra , learned Counsel for the appellant. Though notice has been served on the respondent and affidavit of service has been filed, none appears for the respondent. There is a delay of 1081 days in filing the appeal. On going through the relevant dates we find the substantial period of the delay is during the lockdown period. In these sort of matters, initially the department decided not to file any appeal, thereafter Circular was issued by the CBDT directing that monetary exempt limit shall not apply to cases of LTCG/STCG involving penny stocks. In the case of Principal Commissioner of Income Tax-15, Kolkata Vs. Dinesh Kumar Bansal (HUF) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Term Capital Gain (herein after referred as LTCG) amounting to Rs.39,49,493/- which effectively negated the addition of Rs.39,76,500/- as unexplained cash credit under Section 68 of the Income Tax Act, 1961 and deleted the addition of Rs.1,19,295/- as commission paid outside the books of account under Section 69C of the Income Tax Act, 1961 in the case of assessment for the Assessment Year 2014-15, when such claim was fraudulent and not to be allowed and the assessee has paid Commission outside books for availing the bogus Long Term Capital Gain in the case of the assessee for the Assessment year 2014-15 when such claim was fraudulent and not to be allowed? iv) Whether the Learned Tribunal has committed substantial error in law in del ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to provisions of Section 68 of the Income Tax Act or not ? viii) Whether the Learned Tribunal has committed substantial error in law by not considering that where again sum is credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income tax as the income of the assessee of that previous year ? ix) Whether the Learned Tribunal has committed substantial error in law by not holding that the Assessee is under a legal obligation to prove the receipt of share capital/premium to the satisfaction of the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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