2009 (5) TMI 936

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....PPA, V.P: This is an appeal, filed by the revenue, against the order of CIT(A)- Faridabad in appeal no. 301/2007-08 dated 13-12-2008 for A.Y. 2000-01. 2. Shri Durga Charan Dass CIT (DR) represented on behalf of the revenue and none represented on behalf of the assessee. Notice for hearing has been posted to the assessee but the same has been received back with the remark "no such person". Co....

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....ares during the year under consideration amounting to Rs. 29,44,120/-. Out of the sale consideration of the shares, the assessing authority had treated that there was receipt of Rs. 15,61,745/- as the undisclosed income, taxable as a consequence of the search under the proceedings u/s 158BD. In regard to the balance of Rs. 13,82,375/- the AO had initiated reassessment proceedings. The block assess....

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....arned DR and have also perused the order of the learned CIT(A) as also the assessment order. The assessing authority, in the assessment order, has stated that the evidence called for by him had not been produced and even though the assessing authority wanted to tax this amount of Rs. 13,82,375/- representing the alleged undisclosed income of the assessee out of the transactions of the purchases an....

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....considered the fact that the assessee had produced the contract notes of the shares transacted by the assessee and this has also not been shown by the AO to be false, fabricated or wrong. Thus, it is noticed that the learned CIT(A) has in the absence of adverse inference about the share transactions relating to the sale consideration of R. 13,82,375/- has deleted the addition. Even before us, the ....