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Income Tax Appellate Tribunal, “SMC” BENCH: KOLKATA
Before: Shri Rajesh Kumar& Shri Sonjoy Sarma]
Per Shri Rajesh Kumar, AM: These are the appeals preferred by the different assessees against the separate orders of the Ld. Commissioner of Income Tax(Appeals)-Jalpaiguri (hereinafter referred to as the Ld. CIT(A)”] dated 12.03.2019 & 26.02.2019 for the AY 2014-15.
The sole issues raised in various grounds of appeal are relating to the disallowance of claim of exemption u/s 10(38) in respect of long-term capital gains arising from the sale of equity shares.
3. At the outset, we note that the issues are relating to the penny stock and the same are squarely covered against the assessee by the recent decision of the 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 3 to 1064/Kol/2019 Assessment Year: 2014-15 Kusum Maheswari & Ors. the facts and issues involved in the above appeals of the assessees are 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 appeals of the assessee are hereby dismissed.
In the result, all the appeals of the assessees stand dismissed.
Order is pronounced in the open court on 6th September, 2022