Revisionary proceedings justified for failure to enquire about bogus transaction from penny stock companies

Suman Saraf Vs ITO (ITAT Kolkata) ITAT Kolkata held that invoking revisionary proceedings justified as AO failed to conduct the enquiry about the bogus transactions inspite of the report of the Investigation Wing containing the list of 84 companies found to be penny stock companies available in the Income Tax Portal. Facts- After completion of scrutiny assessment, PCIT called for the assessment records and observed that during the year, the assesese has claimed exemption u/s. 10(38) of the Act at Rs.51,99,603/- on account of LTCG from sale of shares of CCL International Limited. He further obe...