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TMI Blog2022 (11) TMI 881X X X X Extracts X X X X X X X X Extracts X X X X ..... ogus and confirmed the addition made by the ld. AO u/s. 68 and also confirmed the order passed by the AO thereby treating the assessment order is a valid one. Thus assessee having failed to controvert this finding by placing any other binding precedence of Hon ble Supreme Court in its favour therefore we fail to find any infirmity in the finding of the authorities below and the assessment order passed u/s 143(3) and order passed by the ld. CIT(A). Therefore, we dismiss the appeal filed by the assessee. Addition u/s 69C alleging commission paid by the assessee towards payment of brokerage - Same has been added under the head of income from other sources in the hands of assessee which was also affirmed by the ld. CIT(A). while passing th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eeding, the AO after examination of the facts of the case, he viewed that this sole purpose behind such transactions to deliver profit to the assessee in the form of gain from stock investment and to defraud the revenue by claiming exemption u/s 10(38) of the I.T. Act against such transaction. Accordingly, he added the entire amount of Rs. 44,59,870/- in the hands of the assessee and consider as unexplained cash credit u/s 68 of the Act in the hands of assessee. Besides that the AO added Rs. 1,33,796/- addition u/s 69C of the Act in the hands of assessee as unexplained expenditure towards payment of brokerage under the head Income from Other Sources . 3. Dissatisfied with the above order, assessee preferred an appeal before the ld. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der passed by the ld. AO. 6. We after going through the facts and circumstances of the case and material available on record. We observe that share prices of alleged company witnessed a drastic and sharp increase in a very short span of time without having sufficient reason for such increase of price of such share and findings of authorities below on this issue. The Hon ble Jurisdictional High Court in the case of Swati Bajaj supra under similar set of facts considering report of Directorate of Income Tax (Investigation), Kolkata and also poor financials of the penny stock companies but having sharp, drastic and abnormal increase in share price, held such long term capital gain from sale of such shares as bogus and confirmed the addition ..... X X X X Extracts X X X X X X X X Extracts X X X X
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