companies and some penny stock companies was involved in
providing bogus long term capital gain to its customers for commission.
Accordingly, a show cause dated ... bogus transaction of long term capital gain to convert his
unaccounted income to avoid tax through long term capital gain.
Further
moters of BSL
group and the tax exe mpt bogus Long Term Capital Gains o f
hundreds of crores of rupees by pre-arranged trading ... observed that in the
investigation report, "Project bogus Long Term Capital Gain/Short
Term Capital Loss through penny stock companies" of Kolkata
Directorate
companies and other penny stock companies was
involved in providing bogus long term capital gain to customers for
commission. Accordingly, the Assessing Officer issued ... bogus transaction of long term capital gain to convert
his unaccounted income to avoid tax through long term capital gain. He
has relied upon the decision
stock in the nature of obtaining the
accommodation entries of bogus Long Term Capital Gain. The AO, after discussing
the modus operandi of various entry ... capital gain' was rejected
unreasonably and that the finding that the said amount was not on account of long-
term 'capital gain
that
various syndicates have arranged accommodation entry of bogus LTCG, bogus
STCG, bogus long/ short term capital loss through trading of shares of penny
stocks ... bogus Capital Gain in respect of penny stock. Thus the
AO has clearly brought out the case of accommodation entries of bogus Long
Term Capital
implications."
The modus operandi of this pre-arranged bogus long term capital gain is also
mention by AO in his order which ... point no. 12 & 13 duly accepted that pre-arranged bogus long
term capital gain were availed by him and family members and thus
Long
Term Capital Gain in the shares of various entities including M/s. Kailash
Auto Finance Ltd. treated the claim of Long Term Capital Gain ... maximize the capital gain through the modus operandi
of bringing the assessee unaccounted income in the shape of long
term capital gain exempt
stocks for which there were large number of
beneficiaries claiming bogus long term capital gain/short term
capital loss/business loss/speculation loss ... bogus transaction of long term capital gain to convert his unaccounted income to
avoid tax through long term capital gain. He has relied upon the decision
those agencies/entities who were involved in providing
bogus Long Term Capital Gains to the assesses, including the statement of
Sri Sanjay Singhal, were recorded ... business and was used by Shri SCS for generating bogus long-term
capital gain to extend the benefit to the parties. The statement of Shri
form of exempt income u/s 10(38) for bogus long term capital gain in
Penny stock Dhenu Buildcon and has introduced his unaccounted cash ... form of exempt income u/s 10(38) from
bogus long term capital gain in penny stock Dhenu Buildcon and has introduced its
unaccounted cash
