2015 (4) TMI 1363

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....he Learned Commissioner of Income Tax (Appeals) has failed to appreciate the nature of transaction was of purchase and sale of shares entered into by the assessee with the share broking concern, M/s Sai Soft Securities. 3. The Learned Commissioner of Income Tax (Appeals) failed to appreciate that the sum of RS. 12077814.00 represented the total of the credit side of the copy of account of the assessee in the books of Mis Sai Soft Securities. 4. The entire addition has been confirmed without appreciating the facts of the case by the Assessing officer as well as the Commissioner of Income Tax (Appeals). 5. The assessee reserves his right to add, amend, alter or delete any ground of appeal at the time of hearing." 2. Brief facts are tha....

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....the transactions with them and further stated before CIT(A) as under: "5. It was further added that on 4th December 2009, the Assessing Officer had told the AR that he had issued notice under section 133(6) to M/s Sai Soft . 6 Securities for confirmation the validity of the transactions with the assessee company but no reply has been submitted by the said firm. So Assessing Officer asked the AR of the assessee company to submit the details/information regarding the transactions with M/s Sai Soft Securities. The AR immediately on 8th December 2009 submitted the confirmation copy of M/s Sai Soft Securities duly singed by authorized person but it does not contain the PAN of the said firm. This was pointed out by the Assessing Officer and AR ....

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....ted during the assessment proceedings. In the copy of account of M/s Sai Soft Securities filed now the PAN of the company is manually amened and not typed. This PAN number is not available in the copy of account furnished by the assessee during the assessment proceedings. It was further added that the assessee in the documents filed during appeal proceedings once again failed to provide the copy of ITR filed by the M/s Sai Soft Securities. No ledger folio number/share certificate for sale/purchase of shares have been furnished by the assessee. In his rejoinder, the Ld. AR reiterated his earlier arguments in favour of admission of additional evidence." 4. Ld. CIT(A) confirmed the addition. 5. Ld. counsel referred to page 18 of the PB whe....