| COURT: | ITAT Kolkata |
| CORAM: | Sudhakar Reddy (AM) |
| SECTION(S): | 10(38) |
| GENRE: | Domestic Tax |
| CATCH WORDS: | bogus capital gains, Penny Stocks |
| COUNSEL: | Suraj Jhanwar |
| DATE: | February 1, 2019 (Date of pronouncement) |
| DATE: | February 16, 2019 (Date of publication) |
| AY: | 2014-15 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 10(38) Bogus long-term capital gains from penny stocks: If the assessee has filed evidences for (a) purchase of shares, (b) payment by account payee cheque, (c) balance sheet disclosing investments, (d) demat statement (e) evidence of sale of shares through stock exchange, (e) bank statement reflecting sale receipts, (f) brokers ledger, (g) Contract Notes etc, the gains cannot be treated as bogus on human probabilities, suspicion, conjectures and surmises (All contra judgements distinguished) | |
The proposition of law laid down in these case laws by the Jurisdictional High Court as well as by the ITAT Kolkata on these issues are in favour of the assessee. These are squarely applicable to the facts of the case. The ld. Departmental Representative, though not leaving his ground, could not controvert the claim of the ld. Counsel for the assessee that the issue in question is covered by the above cited decisions of the Hon’ble Jurisdictional Calcutta High Court and the ITAT. I am bound to follow the same
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