2020 (6) TMI 665

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....wal, Sr. D. R.; ORDER PER PRASHANT MAHARISHI, A. M. : This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals)-38, New Delhi, for assessment year 2010-11 dated 18th February, 2019 wherein the appeal of the assessee is dismissed. The assessee approached before the ld. CIT (Appeals) against the addition of Rs. 8,61,742/- made by the Income Tax Offic....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....2017. The ld. AO issued seven notices and none of them were responded by the assessee. Therefore, he issued notice under Section 133(6) of the Act to the National Stock Exchange. It was found that assessee purchased shares of Rs. 56,19,019/- and sold shares of Rs. 63,80,760/-. Thus capital gain of Rs. 7,61,742/- was earned. Assessing Officer further issued notice giving final opportunity to the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e learned Authorized Representative and the learned Departmental Representative were heard on this matter extensively. 7. We have heard rival contentions and perused the orders of the lower authorities. The facts shows that case of the assessee was re-opened for nondisclosure of profit on transactions at National Stock Exchange platform carried out by the assessee. Four Notices were issued by t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....se, but has merely brushed aside the arguments of the assessee and upheld the order of the Assessing Officer. In fact in the above circumstances it is apparent that assessee could not get proper opportunity of explaining transactions before the lower authorities. We have given an offer to the learned Authorized Representative to explain the transaction before the lower authorities by placing the a....