Jawahar Lal Jain Huf And Another vs Principal Commissioner Of Income Tax, ... on 23 January, 2023
"3.5. The has made the addition of sale of 79500 shares
for Rs. 61,28,656/- on the basis of detailed investigation carried out
by DDIT (inv.), Unit - 6(2), Mumbai in respect of penny stock
company including M/'s. Vas infrastructure Pvt. Ltd. in which the
modus operandi adopted by the entry provider to book bogus profit
and loss has been established. The appellant has purchased 79500
shares amounting to Rs.61.28,656/- and said the said shares for
Rs.48,69,330/- incurring loss of Rs. 12,59,326/-. The Honourable
Bombay High Court in the case of Sanjay Bimaichand jain.(L7H)
Shanticievi Bimaichand Jain Vs. The Principal Commissioner of
income Tax. - 1, Nagpur in income Tax Appeal No. 18/2017 in his
order dated April 10, 2017 has confirmed the addition of long term
capital gain on penny stock company as under.-