2013 (6) TMI 331

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....ed sources without appreciating the fact that, the trades for purchase and sale took place through authorized trading members on the Stock Exchange, and the Appellant received and gave delivery of shares through her D-MAT A/c.    2. On the facts, and in circumstances of the case, and in law, the Ld.CIT(A) erred in upholding the order of the Assessing Officer erred in adding Rs. 26,919/- being 5% of sale price Rs. 5,38,371/- u/s. 69C as un-explained expenditure on mere presumption and without bringing any material on record as to incurring of such expenditure. 2. Assessee, an individual, filed her return of income on 29-08-2003 declaring total income at Rs. 82,760/- Lakhs. Assessment was finalised on 29-12-2010 by the Assessi....

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....rd and after considering various factors including the statements of Shri Choksi, he held that NSE had denied the transactions of shares of BCL, that sale proceeds of shares had to be taxed as income of the assessee from un-disclosed sources of income. He further held that 5% of the sale proceeds i.e., Rs. 26,919/- should be treated as unexplained expenditure u/s. 69C of the Act. 3. Assessee preferred an appeal before the First Appellate Authority (FAA). After considering the submissions of the assessee and the assessment order, he held that certain informations were received by the department leading to search and seizure operation u/s. 132 of the I.T.Act, 1961 in the case of Mahasagar Securities P. Ltd., (Later on known as M/s. Alag Se....