2013 (7) TMI 39

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.... Whether on the facts and circumstances of the case, the ld CIT(A) was justified in allowing the appeal of the assessee as the source of investment share was not explained by the assessee. 2. The brief facts of the case are that return of income declaring an income of Rs.69,25,920/- was filed on 23.7.2010. The case of the assessee was selected for scrutiny/ During assessment proceedings and on the basis of AIR information, the Assessing Officer observed that a share transaction under TXN Code 321 amounting to Rs.11,07,707/- with Religare Securities Pvt. Ltd. was not disclosed by the assessee in the return of income. Therefore, the assessee vide questionnaire dated 14.7.2009 was specifically asked to explain the source and produce stateme....

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....t had requested the Assessing Officer to provide the exact details of the transactions incorporating an amount of Rs.11,07,707/- as he had several transactions with the said portfolio manager i.e. M/s Religare Securities Pvt. Ltd. It was also stated in the said letter, that in the absence of the correct details it would not be possible for him to reconcile this amount in question. Instead of providing the details to the appellant as requested, the Assessing Officer has observed that the reply of the appellant was evasive and merits no consideration. I also find that the Assessing Officer in his remand report has not commented on the written submissions and also did not examine the details/documents enclosed therewith. He has merely stated t....

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....urchases of shares was placed. Our attention was also invited to paper book page 11 where the computation of short term capital gain was placed and in view of comparison between paper book page 10 & 11 it was brought to our notice that all transactions of sales and purchases were disclosed in the computation of income and there was no investment out of undisclosed sources. 7. We have heard the rival submissions of both the parties and have gone through the material available on record. From the paper book page 11 which is part of computation of short term capital gain, we find that assessee had declared short term capital gain/loss in respect of various scripts and PMS Schemes amounting to Rs.28,80,582/- and which included the following ....