Accommodation entry addition upheld as shares purchased in off market mode

CIT Vs Rohan Agarwal (ITAT Delhi) ITAT Delhi held that addition towards accommodation entry and bogus capital gain exemption upheld since the shares were purchased in off market mode. Accordingly, appeal of revenue allowed. Facts- During the year the assessee claimed a sum of Rs.80,88,456/- as exempt under section 10(38) of the IT Act, 1961 being Long Term Capital Gain from the sale of equity Shares. The name of the assessee was flagged as a person who had traded in Penny Stock Scrip of M/s CCL International Limited by the Investigation Wing of the Department. Thus, the assessment was re-opene...