but none has appeared for the respondent. As the delay has been properly explained,
the same stands condoned. Accordingly, the application, IA NO: GA/1/2025, is
allowed.
We have heard Mr. Tilak Mitra, learned senior standing counsel for the
appellant/revenue.
2
The substantial questions of law suggested by the revenue are as hereunder :
“a) Whether in facts and circumstances of the case the Ld. Income Tax Appellate
Tribunal was not justified in law in deleting the addition of Rs.20,19,000/- without
considering the larger scam of tax evasion by way of bogus Capital Gain Generated in
penny stock?
b) Whether in facts and circumstances of the case the Ld. Income Tax Appellate
Tribunal’s order was erroneous in law and in fact when it failed to give credence to
investigations made by the Assessing Officer, Investigation Wing of the Income Tax
Department as well as SEBI on astronomical rise in prices of shares of companies which
have no net worth and no financial foundation and thereby failed to apply the test of
human probability to ascertain the true nature of transactions resulting in bogus LTCG
in view of the fact that the departmental appeal is allowed by the Hon’ble High Court at
Calcutta of Bogus LTCG (Penny Stock) case in ITAT No.31 of 2020 of Pr. CIT-5 Vs.
Swati Bajaj on June 14, 2022?”