2024 (7) TMI 718

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.... Sr. DR ORDER PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the order of Ld. CIT(A), National Faceless Appeal Centre (NFAC), Delhi, vide order no. ITBA/NFAC/S/250/2022-23/1045768952(1), dated 21.09.2022 passed against the assessment order by Income Tax Officer - 16(3)(3), Mumbai, u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as the ....

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....owards long term capital gain earned by assessee on sale of shares which was claimed as exempt u/s. 10(38) of the Act. Assessee had sold 7500 shares of the scrip Asianlak Ltd. For the sale consideration of Rs. 62,20,653/- resulting into a long term capital gain of Rs. 61,45,653/-. These shares were purchased on 10.09.2011 for the sum of Rs. 75,000/-. Name of the scrip changed to Global Infratech &....

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....2/2021, 05/11/2022 & 26/08/2022 There was no reply from the appellant at given E-mail. Therefore, it seems appellant has no interest in pursuing the appeal. Nothing has been brought on records by the appellant, which will allow me to defer with the findings by the AO. Therefore, I do not find any reason to interfere with the order passed by the assessing officer. In sum, appeal is dismissed." 6....

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....1. Section 250 of the Act provides for procedure to be adopted while disposing of the appeal by the Ld. CIT(A). Sub-section (4) of section 250 of the Act provides that the Ld. CIT(A) may, before disposing of any appeal, make such further inquiry as he thinks fit, or may direct the Assessing officer to make further inquiry and report the result of the same to the Commissioner (Appeals). Further, su....