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TMI Blog2023 (2) TMI 497X X X X Extracts X X X X X X X X Extracts X X X X ..... Kolkata, who were found to be penny stock and transactions on papers only. The Hon ble Calcutta High Court has recently considered this aspect in its judgment in the case of Swati Bajaj Others [ 2022 (6) TMI 670 - CALCUTTA HIGH COURT ] In a number of appeals, we have also rejected the claim of the assessees, where the assessee transacted in the shares of M/s. Cressanda Solutions Limited. All ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Siliguri u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as the Act ) dated 29.12.2016. 2. None appeared on behalf of the assessee. Smt. Ranu Biswas, Addl. CIT, DR appeared on behalf of the revenue. 2. We have gone through the record carefully. The grievance of the assessee is that ld. CIT(Appeals) has erred in dismissing the appeal filed by the assessee and in confirming ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n it is seen that the assessee has shown to have purchased 15000 nos. of shares of M/s Smartchamps IT and Infra Limited on15.10.2011. According to Ld. AO, the assessee has stated that she had purchased 15000 nos. of shares of Smartchamps IT and Infra Limited, however, she has furnished that the total number of shares sold is 100500. The assessee in her written submission has mentioned that she pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . We find that there are large number of assessees, who have transacted with equity shares of M/s. Cressanda Solutions Limited and claimed exemption under section 10(38) of the Act. Apart from this scrip, there are other scrips also in Kolkata, who were found to be penny stock and transactions on papers only. The Hon ble Calcutta High Court has recently considered this aspect in its judgment in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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