Allowing the appeal of the assessee\u00a0 the Tribunal held that ,the assessee has produced contract notes, demat statements etc & discharged the onus of proving that he bought & sold the shares. The AO has only relied upon the report of the investigation wing alleging the transaction to be bogus.\u00a0 He ought to have examined a number of issues \u00a0such as\u00a0 \u00a0online trading , statement of the parties were not provided , \u00a0\u00a0shares of the company are still traded in the stock exchange etc \u00a0\u00a0\u00a0. The AO has simply relied upon the report of the investigation wing\u00a0 . The capital gains are genuine and exempt from tax , however the reassessment is held to be valid . (ITA No 8703\/Del\/2019 dt 29-06 -2020 ) (AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 10(38) : Long term capital gains from equities -Penny stocks \u2013 Produced contract notes, demat statements etc & discharged the onus of proving that the shares were bought and sold -Merely relying upon the statement of investigation wing , the transaction cannot be treated as bogus- Denial of exemption is held to be not valid \u2013 Reassessment is held to be valid . [ S.45 , 68 147 ,148 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11900","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-35W","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11900"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11900\/revisions"}],"predecessor-version":[{"id":11901,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11900\/revisions\/11901"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}