TaxTMI 
TaxTMI 
2020 (1) TMI 255
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....isconceived and untenable. 1.3 That the Ld. CIT(A) has confirmed the above addition without confronting the alleged information obtained from Investigation Wing to appellant and also providing cross examination of the parties on whose statement reliance has been placed in impugned order of assessment and therefore order so made is vitiated order. 1.4 That further more the learned Commissioner of Income Tax (Appeals) has sustained the addition on mere speculation, generalized statements, theoretical assumptions and allegations and assertions, without there being any supporting evidencse and is therefore not in accordance with law. 1.5 That the entire addition is based on surmises conjecture and suspicion and therefore illegal, invalid and, unsustainable. 1.6 That even otherwise the learned Commissioner of Income Tax (Appeals) has failed to appreciate that once the appellant has discharged its initial onus then the learned Commissioner of Income Tax (Appeals) could not have mechanically proceeded to uphold the disallowance based upon the material received from investigation wing and without conducting any independent enquiries on his own. Prayer : It is therefore, prayed th....
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....ta Investigation Directorate. Similar investigations were also conducted by the Directorate of Investigation, Mumbai and Ahmedabad. The basic aim of this scheme is to route the unaccounted money of LTCG beneficiaries into their account / books in the garb of exempt Long Term Capital Gain. This entry of LTCG is taken by selling the shares on the stock exchange and registering the proceeds arising out of the sale of shares into the books as LTCG/STCL. For implementing this scheme, shares of some penny stock companies were used. The modus operandi for providing accommodation entries has been explained by the AO in his assessment order. During the course of investigation relating to STCG/STCL accommodation entries for various entry operators were located and their statements were recorded u/s. 131 of the Act which was reproduced by the AO in the assessment order. On the basis of modus operandi adopted by the assessee in connivance with the share brokers, the AO is of the view that it is a clear cut manipulating or trading in the shares of these 03 companies from where the assessee has purchased the share in dispute and occurred the STCL in order to reduce the taxable income and set of....
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....e assessee; copy of contract note; copy of statement of account of appellant in the books of M/s Indo Jatalia Sec. (P) Ltd. Alongwith trade book statement for all-eq from 1.4.2014 to 31.3.2015; copy of receipt of TDI; copy of statement of TDI; copy of submission filed by the assessee before CIT(A) alongwith contract note (page 87-88). In addition to the Paper Book, Ld. Counsel for the assessee also filed Note on distinguishing facts of the case Suman Poddar vs. ITO decided on 22.11.2019 by the Hon'ble Supreme Court of India in SLP(C) No. 26864/2019 (arising out of impugned final judgment and order dated 17.9.2019 in ITA No. 841/2019 passed by the Hon'ble High Court of Delhi at New Delhi) and small written submissions and with the support of various judgments delivered by the Hon'ble Delhi High Court and the Tribunal. He requested that the short term capital loss claimed by the assessee is a genuine and deserve to be allowed by accepting the appeal filed by the assessee. 4. On the contrary, Ld. DR relied upon the order passed by the Ld. CIT(A). Ld. DR also filed the written submission supported by various decisions rendered by the Hon'ble High Court and the Hon'ble Supreme Court of....
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....evant para no. 2 is reproduced as under:- "2. It has been observed that during the year the assessee has sold one plot at TDI and earned short term capital gain of Rs. 48,00,000/- from sale of a plot. This gain has been partially set off from short term capital loss in following securities:- Name of the Company Date of sale Sale price Net sale price Purchase date Purchase cost Capital gain/loss Cressanda Solution Limited (510) 18.02.2015 5891 5891 27.10.2014 27999 -22108 Cressanda Solution Limited (22210) 18.02.2015 257636 257636 27.10.2014 1219329 -961693 Cressanda Solution Limited (5880) 18.02.2015 68208 68208 02.12.2014 299880 -231672 Cressanda Solution Limited (18500) 18.02.2015 214600 214600 22.01.2015 496725 -282125 Cressanda Solution Limited (18500) 18.02.2015 214600 214600 22.01.2015 493950 -279350 Cressanda Solution Limited (18500) 18.02.2015 214600 214600 30.01.2015 499672 -284900 Cressanda Solution Limited (7280) 25.03.2015 214600 214600 27.10.2014 399672 -327891 Total Loss from Cressanda -2389739 Pearl Agri (15000) 10.03....