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TMI Blog2023 (6) TMI 837X X X X Extracts X X X X X X X X Extracts X X X X ..... VARUN K. PATEL (3802) For the Opponent(s) No. 1 ORAL ORDER (PER : HONOURABLE MR. JUSTICE DEVAN M. DESAI) [1] This Tax Appeal is filed under Section 260A of the Income Tax Act, 1961 and the same is arising out of the order passed by the Income Tax Appellate Tribunal dated 28.10.2022 in ITA No. 221/2021 for the Assessment Year 2012-13. [2] Heard learned advocate Mr. Varun K. Patel fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ording to the appellant, the same transaction carried out through penny script company. Learned advocate for the appellant has further submitted that the 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 Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rious shares/scripts and the said fact is not disputed. The Tribunal has further observed that the script of M/s. VAS Infrastructure Ltd. was not black listed by the SEBI at the relevant point of time. The Tribunal has also considered the order passed by the SEBI and has observed that in the said order of SEBI dated 09.01.2018, nowhere in the said order stated that for the particular period mentio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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. [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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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