Shobhit Gupta Vs ACIT (ITAT Delhi)
ITAT Delhi held that merely because particular scrip is identified as penny stock it doesn’t mean all the transactions carried out in that scrip would be bogus. Addition, u/s. 68 deleted in absence of allegation of assessee being involved in any price rigging or price increase.
Facts- The assessment of the assessee has been reopened for A.Y. 2012-13 against the assessee u/s. 147 of the Act on the ground that the assessee had earned Long Term Capital Gain of Rs. 80,79,788/- on sale of 42,750/-shares as the shares of M/s. Wagend Infra Venture Ltd. are bogus. In so far as A. 2013-14 is concerned, out of total 1,15,000/- shares, Assessee had sold balance shares A.Y. 2013-14 for a total sale consideration of Rs. 2,86,25,434/- and the same was claimed exemption u/s. 10(38) of the Act to the tune of Rs. 2,71,88,988/- being STT paid on it. Based on the Investigation report, the AO considered the said claim of Long Term Capital Gain as part of accommodation entry and made addition of both Long Term Capital Gain income and also added the cost of acquisition u/s. 68 of the Act for A.Y. 2012-13 and 2013-14.
