AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2023 (6) TMI 78
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.... CIT(A) had dismissed the appeal filed by the Appellant against the Assessment Order, dated 12/12/2017, passed under Section 143(3) read with Section 147 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 2. The Appellant has raised following grounds of appeal: "1 The learned Commissioner of Income Tax (Appeals), Income Tax Department, NFAC, Delhi, [CIT(A)] has violated the principles of natural justice while passing the order u/s 250 of the Income Tax Act inter alia i. Not giving a reasonable and sufficient opportunity of being heard. ii. Passing order on 13-12-2022 when the case was adjourned to 23-12-2022 in response to appellant's request dtd. 08-12-2022. iii. On holding that no response is filed when the....
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.... aforesaid notice, the Assessee filed return of income on 27/04/2019, declaring income of INR 70/- after claiming exemption under Section 10(38) of the Act in respect of sale of 3600 shares of M/s Aricent Infra Ltd. for a sum of INR 3,07,495/- during the previous year relevant to the Assessment Year 2011-12. 4. Relying upon the report of Kolkata Investigation Directorate pertaining to the penny-stock and the findings given therein related to bogus long/short term capital gains, the Assessing Officer concluded that the purchase of shares of M/s Aricent Infra Limited was doubtful and not in conformity with market trends. The Assessing Officer concluded that transactions of purchase and sales of shares of M/s Aricent Infra Ltd. undertaken by ....
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....e Shares were gifted to the appellant by his mother. 1800 Shares were gifted on 30-01-2012 and 1800 Shares were gifted on 21-12-2012 by way of transfer into the appellants Demat Account No 1202300000788377 held with Union Bank of India, 66/80 M.S. Marg, Mumbai 400023 from Demat Account No. 1302590001157862 of Rajnikant Somchand Shah JL. Virmatiben Rajnikant Shah held with Union Bank of India, 66/80 M.S. Marg, Mumbai 400023 Demat Instruction Slip for gifts/transfer of above Shares executed by the parents were also filed on record. Transaction statement for the period 01-04-2011 to 31-03-2012 of Rajnikant Somchand Shah Jt. Virmatiben Rajnikant Shah showing the gift/transfer of above Shares into the appellants DP Account was also filed on reco....
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....NR 3600/- was paid by cheque by the mother of the Assessee. The name of the Toshika Chemicals Ltd. was changed to TCL Technologies and thereafter, to Aricent Infra Ltd. Out of the aforesaid shares, 1800 shares were gifted by the mother of the Assessee on 30/01/2012 and the balance 1800 shares were gifted on 21/03/2012 by way of transfer to the DMat account of the Assessee. The 3600 shares thus acquired by the Assessee were sold by the Assessee through broker M/s Emkay Global Financial Services Limited on 17/01/2012 (100 shares), 18/01/2012 (1700 shares), 22/03/2012 (900 shares), and 26/02/2012 (900) shares for aggregating consideration of INR 3,07,495/- on which STT & Other charges aggregating to INR 505.48 were paid by the Assessee. In sup....
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.... Bank of India for transfer of 3600 (1800 + 1800) shares of TCL Technologies in Demat A/c No. 1202300000788377 favor of Amitkumar Rajnikant Shah (Asseessee) 9. We find that during the assessment proceedings, the Assessee had also appeared before the Assessing Officer on 03/12/2019 and recorded his statement in response to the summons issued under Section 131 of the Act and had placed on record the above facts, which were, thereafter, supported by way of letter dated 05/12/2019 filed during the course of assessment proceedings. However, the Assessing Officer completely disregarding the aforesaid, and without conducting any independent enquiry to bring on record any material to controvert the facts placed by the Assessee before the Assessing....
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.... M/s Aricent Infra Ltd. non commensuration with financial results. The above graph shows sudden increase of share of M/s Aricent Infra Ltd., which is one key feature of a rigged stock." 11. We note that Assessing Officer has failed to appreciate that the shares were originally acquired in the year 1995 which fall outside the period commencing from January 2011 and ending on January 2015 examine/analysed by the Investigation Wing and/or the Assessing Officer. The shares under consideration were not purchased by the Assessee and were acquired by way of gift during the relevant previous year. Further, a perusal of chart reproduced in Assessment Order and referred to paragraph 11.2 of the Assessment Order shows that the chart pertains to scri....