9911796707
TMI Blog2025 (1) TMI 1125X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment order. Tribunal also noted that the assessee had submitted details to substantiate the claim and the transaction of the assessee was found to be not in the nature of speculation and the assessee has purchased scrips for long term holding. Tribunal faulted the AO in not considering the voluminous information placed by the assessee during the course of assessment proceedings. Tribunal also referred to the notice issued by the Bombay Stock Exchange dated 17.07.2016 wherein the trading in the company in question namely Wagend Infra Venture Limited resumed with effect from 15.7.2016 and this information made known in the notice issued by the Bombay Stock Exchange was not disputed by the revenue. Tribunal on facts found that in case of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... characteristics of a penny stock used for generating bogus Long Term Capital Gains? ii) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT was erred in law in failing to give credence to investigations made by the Assessing Officer, Investigation Wing of the Income Tax Department on the astronomical rise in price of shares of Wagend Infra Venture Pvt. Limited which had no net worth and no financial foundation and thereby failed to apply the test of human probability to ascertain the true nature of transactions and overlooked the fact that the entire transactions were stage managed in consonance with brokers and entry operators with the objective to facilitate the beneficiaries to plough back their unaccounted inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal which has been dismissed. This order has been put to challenge by the revenue in this appeal. 6. Before the CIT(A) the assessee challenged the addition made by the assessing officer as being perverse and contrary to the facts and circumstances of the case and without following proper procedure and that the addition under Section 68 of the Act was made on surmises, presumption and conjecture without any incriminating evidence being found during the course of search without bringing on record any material evidence in support of the addition. Further it was contended that assessing officer erred in law in relying upon third party statement against the assessee without providing any opportunity of being heard in this regard despite the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no adverse inference was drawn by the SEBI. 9. Thus, the Tribunal found that the assessing officer committed a mistake which is apparent on the face of the assessment order. The Tribunal also noted that the assessee had submitted details to substantiate the claim and the transaction of the assessee was found to be not in the nature of speculation and the assessee has purchased scrips for long term holding. The Tribunal faulted the assessing officer in not considering the voluminous information placed by the assessee during the course of assessment proceedings. The learned Tribunal also referred to the notice issued by the Bombay Stock Exchange dated 17.07.2016 wherein the trading in the company in question namely Wagend Infra Venture Limi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
