Assessee filed return and claimed deduction under section 10(38) During survey conducted at business premises of assessee’s group companies, it was noted from report of Investigation Wing that assessee was in list of beneficiaries who had allegedly taken accommodation entries from Kolkata based companies.\u00a0 Assessing Officer treated long term capital gain as bogus on ground that receipts constituted accommodation entries taken by assessee.\u00a0 CIT(A) deleted the addition. On appeal the Tribunal\u00a0 held\u00a0 that all details of purchase and sales were placed before Assessing Officer along with contract notes for purchase and sale, demat account and bank statement. Accordingly the\u00a0 Tribunal allowed claim of assessee by holding that no incriminating materials were found during survey and statements relied upon were recorded much before date of survey conducted at premises of assessee. High Court\u00a0 affirmed the order of the Tribunal. SLP of Revenue is dismissed on the ground that the Revenue has not explained the delay of 303 \u00a0days in filling the SLP.<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Long term capital gains from equities-Penny stock-Accommodation entries-Survey-Report of Investigation Wing-Delay of 303 days-Explanation offered by the Revenue is held to be not sufficient to condone the delay-SLP of Revenue is dismissed. [S. 10(38), 45 Art.136] <\/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-47116","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cfW","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47116","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=47116"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47116\/revisions"}],"predecessor-version":[{"id":47117,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47116\/revisions\/47117"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=47116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=47116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=47116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}