Assessing Officer held that the assessee \u00a0had obtained bogus entries of Long Term Capital Gain (LTCG) from purchase and sale of CCL International Ltd \u00a0shares. After thorough verification it was determined that assessee had introduced undisclosed funds in garb of said transaction.\u00a0 Seven accommodation entry providers \/ brokers of bogus companies had in their respective statements admitted and confirmed that shares of CCL International Ltd\u00a0\u00a0 were bogus scrip of a penny stock company which were used for providing bogus accommodation entries to various beneficiaries.\u00a0 The fact that 3000 shares of CCL International Ltd\u00a0\u00a0 \u00a0were sold by assessee to \u00a0Genuine Dealtrade Pvt .Ltd \u00a0i.e. a paper company whose one of the Director was also Director of broker company from whom assessee have purchased shares clearly demolished its claim of having entered into genuine transaction of sale and purchase of said shares.\u00a0 It was held that assessee had not carried out any genuine transaction of sale and purchase of shares and obtained bogus entry of Long Term Capital Gain.\u00a0\u00a0 It was held as unexplained money under Section 69A which it was routed back through banking channel in form of sale consideration, hence, the impugned amount was taxed under Section 115BBE. (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits Unexplained money-Shares-Accommodation entries-Penny stock-Bogus entries of long term capital gains-Tax on specified income-Determination of tax in certain cases-Addition is affirmed under section. 115BBE of the Act. [S. 45, 69, 69A ,115BBE, 133(6)] <\/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":[21],"tags":[],"class_list":["post-41923","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aUb","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41923","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=41923"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41923\/revisions"}],"predecessor-version":[{"id":41924,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41923\/revisions\/41924"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=41923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=41923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=41923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}