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Income Tax Appellate Tribunal, “B” BENCH: KOLKATA
Before: Shri Rajesh Kumar& Shri Sonjoy Sarma]
Per Shri Rajesh Kumar, AM:
This is the appeal preferred by the assessee against the order of the Ld. Commissioner of Income Tax(Appeals)-19, Kolkata (hereinafter referred to as the Ld. CIT(A)”] dated 28.09.2018 for the AY 2014-15.
The sole issue raised in grounds of appeal is relating to the disallowance of claim of exemption u/s 10(38) in respect of long-term capital gains arising from the sale of shares.
3. At the outset, we note that since the issue is relating to the penny stock and the same is squarely covered against the assessee by the recent decision of the Assessment Year: 2013-14 Swapna Khaitan Calcutta High Court vide common order dated 14.06.2022 in a batch of 90 appeals with a lead case titled as PCIT vs. Swati Bajaj in IA No.GA/2/2022 and Others. We also note that the facts and issue involved in the above appeal of the assessee is similar to that as was before the Hon’ble Calcutta High Court. The Hon’ble Calcutta High Court vide its decision dated 14.06.2022 (supra) has affirmed the additions made by the Assessing Officer u/s 68 of the Income Tax Act in respect of bogus long-term capital gains. In view of this, the appeal of the assessee is hereby dismissed.
In the result, the appeal of the assessee stands dismissed.
Order is pronounced in the open court on 28th September, 2022