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TMI Blog2023 (3) TMI 1504X X X X Extracts X X X X X X X X Extracts X X X X ..... not termed as penny stock by the Stock Exchange Regulatory Authority. The period for purchase and sale was mentioned by the AO 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 tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of appeal raised by the Revenue are as under: 1. The CIT (A) has erred in law and in facts in circumstances of the case by deleting the addition of Rs. 3,33,466/- being bogus LTCL claimed u/s 10(38) of the Act from bogus transaction of shares through penny stock. 2. It is, therefore, prayed that the order of ld. CIT (A) may be set aside and that of the Assessing Officer be restored. 3. The asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 15,12,034/- on 16.11.2010 through Monarch Research Brokerage Pvt. Ltd. The assessee has incurred loss of Rs. 3,33,466/- by trading in the script of VAS Infra. The Assessing Officer issued show-cause notice and the assessee replied the same. The Assessing Officer made addition of Rs. 3,33,466/- thereby bogus loss. 4. Being aggrieved by the assessment order the assessee filed appeal before the CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecord. 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 contr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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