TaxTMI 
TaxTMI 
2024 (4) TMI 1204
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..... 144B of the Income Tax Act, 1961 (hereinafter referred to as "the Act"), dated 22.03.2022. 2. The grounds of appeal raised by the assessee are as follows: "1) The learned CIT(A) grossly erred in confirming addition of Rs.3,29,400/- on account of transactions of sale of shares through Jayant Securities & Finance Ltd. as discussed in para 5.2 to 5.10 of the appeal order. 2) The assessee reserves right to add, alter and withdraw any grounds of appeal." 3. Succinct facts qua the issue are that the assessee had filed return of income showing taxable income of Rs.12,99,540/- on 29.08.2013. The notice under section 148 of the Act, was issued and the same return of income was again filed. In the reassessment proceedings, the learned AO is....
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....btained by the assessee. 5. Aggrieved by the order of Assessing Officer, the assessee carried the matter in appeal before the ld. CIT(A), who has confirmed the action of the Assessing Officer. The ld CIT(A) noted that sale of shares are arranged transactions to introduce the receipts in the regular books by well-organized network of entry providers with the sole motive to enable the assessee to account for one's undisclosed income, therefore, addition made by the assessing officer was confirmed by ld CIT(A). 6. Aggrieved by the order of ld. CIT(A), the assessee is in appeal before us. 7. Shri Kiran K. Shah, Ld. Counsel for the assessee, argued that assessee has incurred the loss on account of share transaction and such loss was not claim....
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.... were search proceedings in the case of Sharad Darak, Rohit Darak and Dwarka Das Darak and they accepted that they were providing accommodation entry who has floated several shell companies like Jayant Securities and Finance Ltd. The Assessing Officer alleged that the assessee had carried out bogus transactions through them. We note that assessee has simply sold shares to Jayant Securities & Finance Ltd. The assessee submitted before assessing officer that, unlike other case of buying shares which is exempted LTCG, in this case also there was regular transactions and the assessee had incurred long term capital loss. Such loss the assessee has not claimed in the return of income to carry forward and set off from future profits, Hence, there ....