2024 (2) TMI 110

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....t Year (AY) 2012-13. 2. The Grounds of appeal are as under :- "1. The learned Commissioner of Income Tax (Appeals), NFAC, Delhi has erred in confirming the action of the AO in issuing notice u/s 148 of the I.T. Act, 1961 and reopening the assessment. 2. The learned Commissioner of Income Tax (Appeals), NFAC, Delhi has erred in confirming the addition of Rs. 39,77,209/- made by the Assessing Officer as alleged unaccounted business income. 3. The learned Commissioner of Income Tax (Appeals), NFAC, Delhi has erred in confirming the addition treating the sale proceeds of shares as unexplained cash credits u/s 68 of the Act ignoring the fact that the shares have been treated as stock in trade and business income has....

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....n the assessment order, but the assessee furnished the details on 01.11.2019 and stated that income from share trading activity - both delivery based and non-delivery based - are shown in the profit and loss account of the assessee and all the said income form part of total income as disclosed by the assessee in his return of income for the period under consideration. The assessee also furnished the demat account. After taking cognizance of the same, the Assessing Officer made addition of Rs. 39,77,209/- in respect of sale of VAS Infrastructure Ltd. and treated the same amount as unaccounted business income. 4. Being aggrieved by the Assessment Order, the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the ass....

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....business income in respect of selling of the scrip "VAS Infrastructure Ltd.", but in fact the assessee was majorly dealing with trading activities and that was not disputed at any point of time. It is further noticed that the assessee has not claimed any Long Term Capital Gain or Short Term Capital Gain as well as any loss in respect of these trading of shares. From the perusal of purchase and selling of shares/scrip of VAS Infrastructure Ltd., the assessee has given all the details to the Assessing Officer during the assessment proceedings, including the details of brokers, details of transactions, credit notes, D-mat account, transaction details which were not taken into account either by the Assessing Officer or by the CIT(A). The summon....