9911796707
TMI Blog2021 (12) TMI 1406X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A), we do not find any error in it. The shares were purchased long back in 2000-2001 and sold after retaining them for more than 10 years. There is nothing with the Assessing Officer to treat it as a bogus investment to earn profit in a short span of time. Therefore, the appeal of the Revenue is devoid of any merit and, accordingly, it is dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... exemption under Section 10(38) of the Act of Rs.2,10,474/- which was a Long Term Capital Gain arose from the sale of shares of M/s. Devika Proteins Limited. The learned Assessing Officer treated this as a penny stock and a bogus claim. He accordingly made addition under Section 68 of the Act. 3. On appeal, the learned CIT(A) deleted this addition by recording the following findings:- 5.2 I hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 which substantiates the claim made by the appellant. The appellant further submitted that the above Retails were also filed before the AO. In view of the above facts, the contention of appellant is found tenable and accordingly addition made by the AO on account of bogus capital gain is deleted." 4. After due consideration of the findings of the learned CIT(A), we do not find any error in it. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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