AO\u00a0 denied the exemption of long term capital gains and assessed as cash credits. On appeal the CIT(A) affirmed the order of the AO.\u00a0\u00a0 On appeal the Tribunal held that\u00a0\u00a0 on the basis of information received from the DDI (Inv) and this is the only transaction carried by the assessee, the\u00a0 fact that the assessee has meticulously completed the paperwork and routed the money through banking channel is irrelevant. Order of the AO is affirmed. (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Capital gains-Penny stock-Information from Investigation Wing-Purchase of shares of LLDP Ltd at Rs. 6 per share-Sold at Rs 283 per share after 19 months-Non genuine-Exemption denied-Assessed as income from undisclosed source. [S. 10(38) 45, 69] <\/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-52618","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dGG","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52618","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=52618"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52618\/revisions"}],"predecessor-version":[{"id":52619,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52618\/revisions\/52619"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=52618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=52618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=52618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}