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The Court : This appeal filed by the revenue under Section 260A of the
Income Tax Act, 1961 (the Act) is directed against the order dated May 20,
2024 passed by the Income Tax Appellate Tribunal, “C” Bench, Kolkata
(Tribunal) in ITA/672/Kol/2013 for the assessment year 2015-16.
The revenue has raised the following substantial questions of law for
consideration :
“i) Whether on the facts and in the circumstances of the case, the Hon’ble
ITAT has erred on facts and in law in deleting the addition of Rs.
1,01,98,748/- made by the AO on account of sale of penny stock of M/s.
GCM Securities Ltd. u/s. 68 based on the report of the DIT (Investigation),
considering it as double addition even when it was evident that the
Assessing Officer had added it only once as per the provisions of Section
68 of the I.T. Act, 1961 and the assessee’s offer of the same even after
acknowledging the scrip as penny stock as income from other sources was
against the provisions of the Act, thereby rendering the ITAT’s order
perverse ?
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