2024 (6) TMI 1199

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....sment under Section 148 is bad in law as same has been done for verification purpose only for making fishing and roving inquiries. 3. Ld. NFAC erred in law and on facts in confirming addition of Rs.38,29,680/- made by AO by invoking Section 69A of the Act ignoring documentary evidence. 4. Ld. NFAC erred in law and on facts in confirming addition ignoring fact that the material relied on by AO was not provided and thus violated the principle of natural justice. 5. Both lower authorities erred in law and on facts in passing orders without providing statement of the person relied on and consequent cross examination. 6. Charging of interest u/s. 234A, 234B, 234C and 234D is not justified. 7. Ini....

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....the month of July 2013 the entire shares were sold for Rs.37,78,717/- at the price of Rs.420/- per share through broker M/s Anand Rathi Shares & Stock Brokers Limited through the platform of BSE and an amount of Rs.37,24,760/- was claimed exempt under Section 10(38) of the Act. The Assessing Officer observed that the BSC India has suspended the trading in shares of Turbotech Engineering Limited on 06.01.2015 when the price of share was Rs.1.85 per share. The Assessing Officer further observed that pricing and trading trend of share of Turbotech Engineering Limited extracted from the data of BSE for the period from 28.11.2011 to 06.01.2015 was abnormal rise and fall in the price and volumes. After taking cognisance of the assessee's submissi....

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.... 1 Sandipkumar Parshottambhai Patel, 457 ITR 368 2 Genuine Finance Pvt. Ltd, 152 taxmann.com 330 3 Swati Luthra, 6480/Del/2017, Delhi 4. Simi Verma, 3387/Del/2018, Delhi 5. Hakimuddin Khambati, 288/Ind/2019, Indore 6. Radheyshyam Khandelwal, 7/Ind/2019, Indore 7. Ridhi Bagaria, 76/CTK/2023, Cuttack 8. Priyanka Agrawal, 406/PAN/2018, Panaji 9. Parasben Kasturchand Kochar, 204 of 2020, Gujarat 10 Sunita Khemka, 389/Del/2018, Delhi 11 Gokuldham Enterprise LLP, 675/Ahd/2018, Ahmedabad 12 Ambalal Chimanlal Patel, 2398/Ahd/2018, Ahmedabad 13. Bimala Devi Singhania, 212/CTK/2019, Cuttack 14. Rajnikant Prabhudas Mandavia, 401/Ah....

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.... 37 days in filing the appeal, for which, the reason given by the assessee appears to be genuine, hence delay is condoned. It is pertinent to note that in the present case the case, the assessee has purchased the shares offline at Rs.5/- per share (900 shares). Thus, in total the assessee purchased the shares for only Rs.45,000/-. The assessee purchased these shares through private placement with Vijay Bhagwandas & Co. Contract note was not produced related to Vijay Bhagwandas & Co. but the evidences related to transfer of shares through Vijay Bhagwandas & Co. who was share trading stock broker registered under SEBI was given by the assessee before the Assessing Officer. The assessee paid the amount for purchase of these shares through cheq....