9911796707
TMI Blog2023 (6) TMI 837X X X X Extracts X X X X X X X X Extracts X X X X ..... and the payments were made to brokers are reflected in the Bank Account. Also observed that the assessee had transferred the shares through online platform of stock exchange that too through broker. The report of investigation wing is much later than the dates of purchase/sale of shares and the order of SEBI is also much later than the date of transaction and the order of SEBI nowhere stated that the transaction at earlier dates as void. The entire transaction of purchase and sale of the scripts was through National Stock Exchange or Bombay Stock Exchange and that also through the authorized brokers. Tribunal has therefore opined that merely on the conjecture and surmises, the Assessing Officer cannot make disallowance. No substantial quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... information received from the Investigation Wing that the assessee made transaction with penny stock script M/s. VAS Infrastructure Ltd. ( VASIL for short) to launder money to grab long term capital gain and whereby claimed exemption under Section 10(38) of the Income Tax Act, 1961. It is submitted that the transaction cannot be treated as genuine transaction and has further submitted that the script of the VASIL were manipulated by the assessee to generate bogus gain/loss and thereby the learned advocate for the appellant has prayed to frame the aforesaid substantial question of law for consideration. [5] Learned advocate for the appellant has taken us through the impugned order of the Tribunal. We have considered the order of the Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of SEBI is also much later than the date of transaction and the order of SEBI nowhere stated that the transaction at earlier dates as void. [6] The Tribunal has also observed that the entire transaction of purchase and sale of the scripts was through National Stock Exchange or Bombay Stock Exchange and that also through the authroised brokers. The learned Tribunal has therefore opined that merely on the conjecture and surmises, the Assessing Officer cannot make disallowance. [7] In view of the above observations made by the Tribunal, it is purely a question of fact, which the Tribunal has dealt with and has passed the order which is under challenge. Thus, the issue involved is purely a question of fact, and we do not find any questio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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