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TMI Blog2023 (4) TMI 363X X X X Extracts X X X X X X X X Extracts X X X X ..... ny stock and transactions on papers only. 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, Coordinate bench of ITAT, Kolkata has rejected the claim of the assessees, where the assessee transacted in the shares of such companies. All these transactions have been held as bogus by the Hon'ble Jurisdictional High Court. We affirm the view taken by the Revenue Authorities who have rejected the claim of the assessee and made the additions. Decided against assessee. - ITA No.1817/Kol/2019 - - - Dated:- 9-2-2023 - Shri Sanjay Garg, Judicial Member And Shri Girish Agrawal, Accountant Member For t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, merely because the stocks were of low value, per se, would not lead to a conclusion that the transactions were not genuine. It is submitted that suspicion, however, strong cannot take the place of proof as held by the Apex Court in many cases. The AO has not brought out any clear cut material to show that the assessee was involved in price manipulation except relying on presumption. Nothing cogent and concrete have been mentioned in the assessment order to indicate as to how the appellant was in league with the brokers in the transaction of specific scrips. Even in course of recording the statements of these brokers, no question was put to elicit any answer. Assessee maintains all the records relating to purchase and sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ove three scrips, details of which is tabulated below: Sl. No. Name of Scrip Date of purchase No. of share Total amount Date of sale No. of share Total amount Loss 1 Dhenu Buildcon 20.03.2013 13000 989325 07.10.2013 13000 65130 924195 2. Turbotech 11.03.2013 13.03.2013 14.03.2013 15.03.2013 18.03.2013 19.03.2013 20.03.2013 21.03.2013 25.03.2013 26.03.2013 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g of these scrips and added it back to the total income of the assessee. The total disallowance of loss in this respect is of Rs.2,35,76,869/-. While adding this, Ld. AO held that transaction relate to trading in these three scrips of Dhenu Buildcon Infra Ltd., Global Securities Ltd. and Turbotech Engineering Ltd. are bogus, coloured and not genuine. He further held that these have been done to accommodate the unaccounted money of the assessee in the regular books of accounts and facilitate in the scheme of accommodation entry through penny stock. Aggrieved, assessee went in appeal before the Ld. CIT(A), who found no infirmity in the order of the Ld. AO and confirmed, holding of claim of loss to be bogus and thus, dismissed the ground taken ..... X X X X Extracts X X X X X X X X Extracts X X X X
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