VIVEK AGARWAL,TINSUKIA vs. INCOME TAX OFFICER, WARD-2, TINSUKIA
Appeals of the assessee are allowed for statistical purposes
ITA 204/GTY/2018[2014-15]Status: DisposedITAT Guwahati25 Jun 2025AY 2014-15
Bench: the Ld. CIT(A). Needless to say, the assessee is aggrieved by the action of the Ld. Assessing Officer in all the three matters and has challenged the imposition of penalty in ITA No. 227 & 228/Gty/2024. He has also challenged the treatment of LTCG as bogus in the case of ITA No. 204/Gty/2018. For the A.Y. 2014-15 (ITA No. 204/Gty/2018) the assessee has filed revised grounds of appeal which deserve to be extracted for reference:
Section 143(3)Section 250Section 271(1)(c)
Capital Gains
(LTCG) claimed on account of certain penny stocks which were under adverse notice by the Investigation Wing of the Income Tax Department.
The LTCG claimed was disallowed by treating it as bogus and thereafter penalty under Section 271(1)(c) of the Act was also levied. Regarding the A.Y. 2013-14 (ITA No. 227/Gty/2024) also, the LTCG claimed
