2022 (6) TMI 1000

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....red to as "the Act") relevant to the Assessment Year 2011-12. 2. The assessee has raised the following grounds of appeal: 1. That the learned CIT(A) has erred in [aw and facts by not quashing the order passed under section 143(3) r\*s 147 of the Act as the proceedings under section 147 of !he Act and the learned AO has not issued notice under section 143(2) of the Act and therefore the Id.AO should be directed delete the addition made therein while computing the total income. 2. That the learned CIT(A) has erred in laws and facts by confirming the addition of Rs.3,95,380/- on disallowance of loss on sale of Shares of Swarsarita Gems Limited under section 69 of the Act and therefore the learned AO is to be directed to de....

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.... the total income of the assessee. 5. Aggrieved assessee preferred an appeal to the learned CIT (A) who also confirmed the order of the AO. 6. Being aggrieved by the order of the learned CIT (A) the assessee is in appeal before us. 7. The learned AR before us filed the written submissions running into pages 1 to 18 and submitted that the transactions for the sale/purchase of shares in SGL were carried out in the financial year 2008-09 which resulted the loss of Rs.3,95,380.00. The learned AR in support of his contention drew our attention on pages 17 and 18 of the written submissions filed by the assessee wherein the details for the purchase and sales of shares of SGL were placed. Accordingly, the learned AR contended that the issu....

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....T reported in 69 taxmann.com 188 wherein it was held as under: A reading of the decision of this Court in E.D. Sassoon & Co. Ltd. (supra) would go to show that the income to be chargeable to tax must accrue or arise at any point of time during the previous year. This Court in E.D. Sassoon & Co. Ltd.'s case (supra) has held in categorical terms that income can be said to have accrued or arisen only when a right to receive the amount in question is vested in the appellant-assessee. 9.2 In the given case, the transactions for the purchase and sale of shares have taken place in the financial year 2008-09 and therefore the same at the most can be taxed in the corresponding assessment year. However, we find that the AO has determi....