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TMI Blog2023 (1) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... shares were retained for more than ten years and were sold after such long time. These circumstances suggested that the investment was not bogus or investment made in penny stock. The shares were purchased in order to invest and not for the purpose of earning exempted income by frequent trading in short span. The finding recorded by the appellate authority and confirmed by the appellate tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad, B Bench, Ahmedabad in ITA No.1505 of 2019. 2. As submitted by learned senior advocate Mr.M.R.Bhatt for M.R.Bhatt and Co., the appellant revenue proposes the following substantial questions of law, which according to the submission requires examination. Whether on the facts and circumstances of the case and in law, the decision of Appellate Tribunal is ex-facie perverse because ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax Act, 1961 (hereafter referred to as the Act ) 3.1 The Assessing Officer made addition of the said amount. The entire transaction was treated as bogus and in the nature of penny stock. By adding Rs.2,10,474/- under Section 68 of the Act, total income was assessed at Rs.5,21,964/-. 3.2 In appeal by the assessee before the Commissioner of Income Tax (Appeals), the issue was re-ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 2000-01. The shares were retained for more than ten years and were sold after such long time. These circumstances suggested that the investment was not bogus or investment made in penny stock. The shares were purchased in order to invest and not for the purpose of earning exempted income by frequent trading in short span. 6. The finding recorded by the appellate authority and confirmed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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