The\u00a0 assessee earned long-term capital gain from sale of shares of PS IT and claimed same as exempt under section 10(38). Assessing Officer held\u00a0 that there was unusual rise in price of shares sold by assessee which had been investigated by Investigation Wing to establish that cash had been routed from various accounts to provide accommodation to assessee and that assessee had failed to discharge his burden to prove unusual rise and fall of share prices. Assessing Officer\u00a0 made addition under section 68 towards entire sale consideration received by assessee on transaction of sale of shares in said scrip. CIT(A) up held the order of the AO. On appeal the Tribunal held that the\u00a0 assessee had discharged his burden by submitting relevant documents and\u00a0 established nature and source of credit representing sale proceeds of shares of PS Infrastructure and Services Limited (PS IT).\u00a0 There was nothing on record from market regulator SEBI for relevant period which established ‘tainted’ status of scrip involved in sale of shares by assessee so as to hold share sale transactions as bogus\/accommodation entry as alleged by Assessing Officer. Addition is deleted.\u00a0 PCIT v. Swati Bajaj (2022) 288 Taxman 403\/446 ITR 56 (Cal)(HC) is distinguished. (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Penny stock-Long term capital gains-Accommodation entries-DMAT-Sale of shares of PS Infrastructure and Services Limited-Addition is deleted-Exemption is allowed.[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-50574","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-d9I","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50574","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=50574"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50574\/revisions"}],"predecessor-version":[{"id":50575,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50574\/revisions\/50575"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}