TaxTMI 
TaxTMI 
2022 (9) TMI 179
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....he Ld CIT (A) has erred in assessing the income of the appellant at Rs. Rs.35,85,620/- instead of Rs. 4,90,640/- as returned. As such, the aggregate additions of Rs.30,94,980/- may please be deleted. (Total Tax Effect of all the disputed additions is Rs. 9,56,349/-). 2. That on the facts and in the circumstances of the case and in Law, the assumption of jurisdiction by issuance of notice under Section 148 is vitiated, incorrect, bad in law and purely based on conjectures and surmises. There were no valid reasons, dehors any tangible information and as such the issuance of notice under Section 148 of the Act may be held bad in law. 3. That on the facts and in the circumstances of the case and in Law, the issuance of notice ....
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....r price rigging of shares on account of whom long term capital gain have been added/ assessed. As such aggregate additions of Rs. 30,94,980/- may please be deleted. (Tax effect of this ground of appeal is Rs. 9,56,349/-). 7. That on the facts and in the circumstances of the case and in Law, the AO had disregarded the detailed submissions filed by the appellant and had brushed them aside. The AO had merely relied upon the purported information by investigation wing without even making available to the appellant, the copy of material relied upon, and without appreciating the online trading mechanism on stock exchange. As such, the aggregate additions made of Rs. 30,94,980/- is bad in law. (Tax effect of this ground of appeal is Rs. 9....
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....al is Rs. 9,56,349/-). 11. We crave leave to add, alter, delete or modify or withdraw any of above grounds of appeal at the time of hearing." 2. At the time of hearing, no one attended the proceedings on behalf of the assessee. It is seen from the records that there is no representation on behalf of the assessee since 21.04.2021 despite various opportunities were given to the assessee. It is also transpired from the record that the notice sent through speed post is returned back unserved with remark "left" by the Postal Authority. The assessee has not provided any new address to the Registry. Therefore, the appeal of the assessee is taken up for hearing in the absence of the assessee and being disposed off on the basis of materi....
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.... of the commission paid on such transactions. 5. Aggrieved against this, the assessee carried the matter before Ld.CIT(A), who after considering the submissions, sustained the addition and dismissed the appeal of the assessee. 6. Aggrieved against the order of Ld.CIT(A), the assessee preferred appeal before this Tribunal. 7. Ld. Sr. DR supported the orders of the authorities below and submitted that the assessee failed to prove the genuineness of the transaction. He contended that the authorities below have elaborately examined this issue and have rightly made addition. 8. I have heard Ld. Sr. DR and perused the material available on record and gone through the orders of the authorities below. The grievance of the assessee is in....