2010 (12) TMI 1320

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....,63,950/-, which has been added by the AO with the aid of section 68. 2. The brief facts of the case are that assessee is an individual, he has shown salary income from M/s. Influence Sales & Service Pvt. Ltd. and M/s. Global Healthline Pvt. Ltd. He has shown capital gain and income from other source also. The return was filed on 28.10.2004 declaring an income of ₹ 23,85,514/-. On scrutiny of the accounts Ld. AO found that assessee has shown long term capital gain of ₹ 9,85,820/-. This long term capital gain has been shown on the sale of 10000 shares of Supreme Agro Products Ltd. through D.N. Kansal Securities Pvt. Ltd., who is a broker with Delhi Stock Exchange. Ld. AO has called for the details in respect of sale and purchas....

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....been taken place. Accordingly the AO has made an addition of ₹ 9,63,950/- as undisclosed income of the assessee u/s 68 of the Income Tax Act. 3. Appeal to the Ld. CIT(A) did not bring any relief to the assessee. 4. Ld. Counsel for the assessee submitted that AO has not investigated the issue properly. He started the investigation in the month of December, 2006 and passed the asstt. order on 29.12.2006. There was no proper opportunity granted to the assessee to explain the transaction. He also pointed out that AO has issued summons to the alleged stock broker at the fag end of the proceedings. Therefore, he preyed that orders of the revenue authorities be set aside and issue be restored to the file of AO for re investigation. On th....