2012 (10) TMI 22

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....ARMA, A.M. This is an appeal filed by the Revenue against the order of CIT(A)-II, Indore, dated 21.10.2011 for the 2003-04. 2. Rival contentions have been heard and records perused. The addition made on account of share trading profit of Rs. 5,72,471/- was deleted by the ld.CIT(A) after having the following observations :-   4.2 Ground No. 2 is against the AO's share trading profit a....

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....ellant's a/c in ledger of broker enclosed with the assessment order by the AO, it is seen that though there are regular transactions of sale and purchase of shares by the appellant during the year but it is not clear as to whether the information so collected by the AO behind the back of the appellant was ever confronted to him and his explanation was called for in this behalf. Since no such exerc....

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....liberty to take further action in the matter as per law in the event of any income by way of capital gain is found to be involved in the transaction. We do not find any infirmity in the directions issued by the ld.CIT(A), while deleting the addition which is as per law. Accordingly, no interference is required in this part of the CIT(A)'s order and ground no. 1 of Revenue's appeal is dismissed. &n....

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....d made addition on account of unexplained entries in the bank a/cs arbitrarily and without even specifying the bank accounts, dates of deposits and the amounts of deposits made therein etc. 4.4.1 Since the AO has not even given details of bank accounts, dates of deposits, amounts of deposits, bank accounts etc where such deposits are alleged to have been made by the appellant and his family mem....