2004 (10) TMI 589

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....f CIT (Appeals), who confirmed the addition of Rs. 42,237 made by Assessing Officer by invoking the provisions of section 14A of the Income-tax Act, and addition of Rs. 3,500 made by Assessing Officer in respect of additional fee paid to Registrar of Companies. 2. The assessee is dealing in trading of shares and declared income of Rs. 20,620. During the assessment proceedings the Assessing Offi....

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....I noted that there is no dispute that assessee is doing the business of trading in shares. The assessee has shown purchase of shares at Rs. 20,11,49,000 and made sales of Rs. 20,79,58,000 and odd, which resulted in a profit of Rs. 3,40,180. After claiming administrative expenses and others, the assessee filed the return at an income of Rs. 20,620. The assessee has not made any investment in shares....