PR. COMMISSIONER OF INCOME TAX Vs. KARUNA GARG

JUDGEMENT

(1.) Present Income Tax Appeal has been filed challenging the Order dtd. 6/8/2019 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 2772/Del/2019 for the Assessment Year 2015-16.

(2.) Learned counsel for the appellant states that the ITAT has erred in deleting the additions of Rs.1,60,18,923.00as unexplained credit under Sec. 68 read with Sec. 115BBE of the Income Tax Act, 1961 ('the Act') on account of bogus Long-Term Capital Gain on sale of penny stock company namely M/s Goldline International Finvest Ltd. on the ground that the assessing officer has not made independent enquiry.

(3.) Though Revenue has mentioned in the present appeal that the issue involved is covered by the judgment of this Court in Suman Poddar v. ITO 423 ITR 480, wherein appeal of the Assessee was dismissed taking judicial notice of the fact that there was an astronomical increase in the share price of a company which was not commensurate with the financial parameters of the said company, yet this Court finds that a Coordinate Bench of this Court in PCIT vs. Smt. Krishna Devi [ITA 125/2022] and connected ITAs has upheld the ITAT order which is impugned in the present appeal.