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TMI Blog2023 (8) TMI 1483X X X X Extracts X X X X X X X X Extracts X X X X ..... considered as bogus - HELD THAT:- ITAT held period for purchase and sale was mentioned by the Assessing Officer dealt with 10000 shares for which the trading data was taken into account by the CIT(A). The details filed by the assessee such as contract note of transactions in respect of Monarch Research And Brokerage Pvt. Ltd. which is a registered stock broker as well as copy of trading bills were also presented before the Assessing Officer as well as before the CIT(A). The assessee has paid Securities Transaction Tax i.e. STT and all the transaction was through banking channel. Besides the investigation report the Assessing Officer has not pointed out any discrepancy in the evidences produced by the assessee, therefore, the CIT(A) has rig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17/18 dated 23.03.2018, wherein, it was intimated that the VAS Infrastructure Ltd is a penny stock which has been used to provide accommodation entry of bogus LTCG/ Loss to the beneficiaries. It was further intimated that the assessee is one of the beneficiaries / member of this accommodation entry syndicate. The case was re-opened u/s. 147 of the IT Act by issuing notice u/s. 148 of the IT Act dated 30.03.2018, after recording the reasons and obtaining approval of Pr. CIT, Ahmedabad-1, Ahmedabad. 3.1 In response to notice u/s 148, the assessee filed her return of income for A.Y. 2011-12 on 03.05.2018. The copy of reasons recorded was provided to the assessee alongwith notice u/s. 143(2) of the IT Act dated 19.06.2018. Thereafter notice u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the details and explanation found the share transactions genuine and the same cannot be considered as bogus. 4. Affirming the view of the CIT(A), the Tribunal held as under: 7. Heard both the parties and perused all the relevant material available on record. It is pertinent to note that as per the SEBI report the script VAS Infrastructure Ltd. was not blacklisted and was not termed as penny stock by the Stock Exchange Regulatory Authority. The period for purchase and sale was mentioned by the Assessing Officer dealt with 10000 shares for which the trading data was taken into account by the CIT(A). The details filed by the assessee such as contract note of transactions in respect of Monarch Research And Brokerage Pvt. Ltd. which is a regist ..... X X X X Extracts X X X X X X X X Extracts X X X X
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