2023 (1) TMI 27

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....instant appeal of the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals), Jammu, [in brevity the 'CIT(A)'] bearing appeal No.167/16-17, date of order 07.08.2018, the order passed u/s 250(6)of the Income Tax Act 1961, [in brevity the Act] for A.Y. 2008-09.The impugned order was emanated from the order of the ld. Income Tax Officer Ward-3(5),Baramulla, (in brevity....

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.... total addition was made Rs.7 lacs. Further, the interest amount was added back Rs.1,23,412/-. The assessee only challenged the investment in share and STGC of the shares amount of Rs.7 lacs before the bench. Aggrieved assessee filed an appeal before the ld. CIT(A) by challenging the assessment order. The ld. CIT(A) upheld the order of the ld. AO. Being aggrieved assessee filed an appeal before us....

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....r has duly issued notice under section 143(2) of the Act and it is wrong on the part of the learned AR of the assessee to allege that no notice under section 143(2) of the Act has been issued in this case. As per provisions of section 292B/292BB of the Act, even non-issuing of notice u/s 143(2) of the Act cannot be challenged at this stage. As the assessee did not furnish any evidence to prove his....

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....issed. 7. The ground no. 7 of appeal taken by the assessee is general in nature and do not require any separate adjudication." 6. In factual position the assessee has already transacted the share/mutual funds in amounts of Rs.1,79,91,721/- for relevant financial year. In quantum assessment the assessee had not contradicted the transaction amount with ld. AO. The ld. AO has correctly calculated ....