Assessing Officer reopened assessment on ground that long-term capital gain declared by assessee was bogus in nature on basis of report of Investigation Wing\u00a0 that\u00a0 person named Giriraj\u00a0 Kishore\u00a0 Agarwal has provided bogus entries in respect of sale of shares of Moryo Industries Ltd\u00a0 which was purchased in\u00a0\u00a0 physical form, got it transferred in his name and later dematerialised. The AO made addition under\u00a0 S. 68 of the Act. On appeal the CIT(A) deleted the addition. On appeal the Tribunal held that payment for purchase of shares was made through banking channels and assessee had furnished copy of demat statement, which showed entry and exit of shares.\u00a0 Assessing Officer had not found fault with any of documents furnished by assessee evidencing purchase and sale of shares and had also not carried out any independent enquiry with regard to transactions carried on by assessee.\u00a0 On facts\u00a0 order of the CIT(A) is affirmed. (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-long-term capital gain-Sale of shares-Penny stock-Accommodation entries-Information from investigation Wing-Purchase in physical form-Decartelized-Purchase was made through Banking channels-Deletion of addition by CIT(A) is affirmed. [S. 10(38), 45] <\/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-50568","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-d9C","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50568","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=50568"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50568\/revisions"}],"predecessor-version":[{"id":50569,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50568\/revisions\/50569"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}