Financial Year
2011-12 the assessee purchased 9000 shares of Turbotech Engineering Limited
at the price of Rs.5/- per share. The shares were allotted ... return of
income. The Assessing Officer observed that the shares of Turbotech
Engineering Limited were purchased through Private placement (offline) through
Vijay Bhagwandas
members including him has invested in the
particular stock, i.e. Turbotech Engineering Ltd. on particular
day, i.e. 23.11.2011 on the day on which ... described as a "penny stock" of M/s. Turbotech
Engineering Ltd. As has been noted by the PCIT, the shares were
purchased
described as a "penny
stock" of M/s. Turbotech Engineering Ltd. As has been noted by the
PCIT, the shares were purchased ... have
constrained us to doubt the credibility of M/s Turbotech Engineering
Ltd.
6. We note that while Section 263 of the Act does place
genuineness of earning capital gains
on sale of the scrip Turbotech Engineering Limited by way of all the
relevant documentary evidence on the facts ... from the sale of shares
of Turbotech Engineering Ltd as unexplained credits brought in the
hands of the assessee and brought
ground of sale of shares in the
company, M/s.Turbotech Engineering Limited and claiming exemption of
capital gains
treating long term capital gain on sale of shares of
Turbotech Engineering Ltd., as bogus. Ld. CIT (A) has deleted the
addition on the ground
treating long term capital gain on sale of shares of
Turbotech Engineering Ltd., as bogus. Ld. CIT (A) has deleted the
addition on the ground
Bangalore vs. Turbotech Precision
Engineering Pvt. Ltd. 2010 (18) S.T.R. 545 (Kar.)
Battenfield Extrusionchnik vs. C.C.E. & S.T., Daman
