Penny Stock Judgement – In favor of Taxpayer: Kolkata ITAT

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Penny Stock Judgement – In favor of Taxpayer: Kolkata ITAT

Sanjay Mehta, Kolkata vs Acit, Circle – 36, Kolkata, … on 28 September, 2018


O R D E R:
PER S.S.Godara, Judicial Member:-

      This assessee's appeal for assessment year 2014-15 arises against the
Commissioner of Income Tax (Appeals)-10- Kolkata's order dated 15.03.2018,
passed in case No.761/CIT(A)-10/C-36/2014-15/2017-18/Kol, affirming the
Assessing Officer's action treating his long term capital gains (LTCG for short) arising from sale of shares M/s Unno Industries Ltd. & Sharp Trading Finance Ltd. amounting to ₹93,19,895/- to be bogus followed by 5% commission disallowance thereupon of ₹4,65,995/- involving proceedings u/s 143(3) of the Income Tax Act, 1961; in short 'the Act'.
      Heard both the parties. Case file perused.
2.    The assessee's sole substantive grievance that remains to be
adjudicated in the instant appeal is that of correctness of both the lower
 ITA No.1089/Kol/2018 A.Y. 2014-15 Sanjay Mehta Vs. ACIT, Cir-36 Kol.   


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