2023 (7) TMI 1279

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....0/-. The assessee's case was selected for complete scrutiny under CASS guidelines. During the course of scrutiny assessment proceedings, it was gathered that the assessee had earned Long Term Capital Gain of Rs. 14,63,858/- on sale of shares of M/s Shree Shaleen Textiles Limited. Initially, the assessee had purchased these shares on 30.08.2012 at the rate of Rs. 11.58 per share from a Kolkata based company M/s. Shivkhori Construction Pvt. Ltd. through off market transaction. After the purchase of 5200 shares, the said shares were split into 26000 shares and between December, 2013 and January, 2014, these 26000 shares were sold at rates varying from Rs. 57.50 per share to Rs. 59/- per share in 14 different transactions on different dates hav....

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....ved that although there was a report of the Investigation Wing, on which the Assessing Officer had relied, nothing had been brought on record by the Assessing Officer to show that the persons investigated by the Wing including entry operators or stock brokers, had named the assessee as being in collusion with them. The ld. CIT(A) held that in absence of any finding specifically against the assessee in the report of the Investigation Wing, the assessee could not be held guilty of wrong acts of third parties investigated. Accordingly, the addition was directed to be deleted and the assessee's appeal was allowed. 4. Aggrieved, the Department has now approached this Tribunal, and challenged the relief allowed by the ld. CIT(A) by raising the f....

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....epartment is time barred by 363 days. The ld. Senior Departmental Representative drew our attention to an application filed by the Department in this regard, wherein, it has been prayed that the delay be condoned. As per this application for condonation of delay, it has been stated that the order of the ld. CIT(A) in this case was received in the office of the Ld. Principal Commissioner of Income Tax-1, Kanpur on 11.12.2018 and, accordingly, the last date for filing of the Departmental appeal before the ITAT was 09.02.2019. It has been further stated that proposal for filing of the appeal before the ITAT was sent to the Ld. Principal Commissioner of Income Tax-1, Kanpur, but since the tax effect involved in this case was only Rs. 4,64,988/-....