TaxTMI 
TaxTMI 
2025 (4) TMI 780
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....er Kumar Choudhry, Judicial Member: This appeal has been preferred by the Assessee against the order dated 05.03.2024, impugned herein, passed by the Ld. Commissioner of Income Tax (A)- Pune-12 (in short Ld. Commissioner) under section 250 of the Income Tax Act, 1961 (in short 'the Act') for the A.Y. 2012-13. 2. The brief facts relevant for adjudication of the instant case are that the Assessee....
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....Name Sale Value in AY2O12-13 533427 VMS Industries Ltd, Rs. 6,74,550/- SI 2673 Scan Steels Limited Rs. 1,72,772/- Total Rs. 8,47,321/- 3. The Assessing Officer (AO) vide show cause notice dated 19.11.2019 show caused the Assessee "as to why the LTCG of Rs.8,47,921/- earned on account of sale of shares of aforesaid scrips as claimed as exempt, be not disallowed and treated as unexplained ....
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....merit. The Ld. Commissioner vide impugned order not only held the reopening of the case as bad in law but also deleted the addition on merits mainly on the reasons "that the Assessee during the course of assessment proceedings duly filed the copies of contract notes, bank statement, details of STT paid and also computation of income. It is not the case of the AO that the broker through whom the As....
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.... the AO has failed to bring any evidence or found fault with the evidence produced, therefore the Ld. Commissioner by following the judgments of Hon'ble Delhi High Court as well as Hon'ble Gujarat High Court respectively rendered in the cases of PCIT vs. Krishna Devi (Smt.) (2021) 431 ITR 361 and PCIT vs. Parasben Kasturchand Kochar (2021) 130 taxman.com 176 (Gujarat HC) ultimately held that the a....