TaxTMI 
TaxTMI 
2023 (5) TMI 1064
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....t year 2011-12. 2. In its appeal, the assessee has raised following grounds:- "1. THAT the Commissioner of Income tax (Appeals) has erred in law as well as under the circumstances of the case in not rectifying the error of the Assessing Officer in assessing your Appellant under the status of Resident as against the Return of Income filed under the status of Non-Resident. 2. THAT the Commissioner of Income tax (Appeals) has erred in law as well as under the circumstances of the case in accepting the cost value of shares of Devashish Builders Private Limited at Rs. Nil as taken by the Assessing Officer which is arbitrary and against the fact of the case. 3. THAT the Commissioner of Income tax (Appeals) has erred ....
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....of Income tax (Appeals) that further notices would be issued after receipt of Remand Report from the Assessing Officer. 7. THAT the Commissioner of Income tax (Appeals) has erred in law as well as under the circumstances of the case in wrongly mentioning in the Order that the Appellant did not attend to the notices whereas in fact the appellant had continuously enquired about the Remand Report and had submitted all the documents required and was ready to come for personal hearing also with any other documents required. 8. THAT Your appellant craves to modify, delete or make additional grounds of appeal at the time of meaning of appeal." 3. The brief facts of the case as emanating from the record are: The assessee is an ....
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....tatement reflecting the amount received of Rs.1,78,60,000 on the sale of shares. The Assessing Officer ("AO") vide order dated 18/03/2014 passed under section 143(3) of the Act did not agree with the submissions of the assessee regarding the cost of acquisition of shares and accordingly, computed the long-term capital gains of Rs.1,78,60,000. Further, the AO passed the aforesaid assessment order by treating the assessee as a 'Resident'. 5. In appeal before the learned CIT(A), the assessee raised grounds challenging the assessment by treating the assessee as 'Resident' as against the return of income filed in the status of 'Non-Resident‟. The assessee also challenged the computation of long-term capital gains by treating the cost of....
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....Service, USA. 7. In support of its claim regarding the cost of acquisition of shares at Rs. 81,04,212, the assessee has placed on record its application filed under Rule 46A of the Income Tax Rules, 1962 along with the following documents:- Sr. no. PARTICULARS 1. Declaration from Saroj Bardiya stating the amount received on sale of her shares 2. Ledger of Saroj Bardiya in our books. 3. Ledger of Shares of Devashish Builders P. Ltd. 4. Copy of Annual Return of Devashish Builders Private Limited 5. Copy of Minutes of the Meeting of Board of Directors of Devashish Builders Private Limited 6. Copies of concerned share certificates 7. Copies of Balance Sheet for the financial years 2004-05 to 20....