2025 (7) TMI 1432

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....JAUHRI [A.M.] :- This appeal is filed by the assessee against the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as "CIT(A)"] dated 21/03/2025 passed u/s. 250 of the Income-tax Act, 1961 [hereinafter referred to as "Act"] for Assessment Year [A.Y.] 2015-16. 2. The assessee has raised the following grounds of appeal: "1. On the based-on circumstances and fac....

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....16. The case was selected for scrutiny on the basis of information available regarding the share trading account of the assessee. Ld. AO noticed that the assessee had received sale proceeds from sale of equity shares amounting to Rs. 2,09,36,220/- through HDFC Securities. The same was treated as short term capital gains in the hands of the assessee and the assessment was completed at income of Rs.....

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....the Ld. AO on the submissions filed by the assessee. Vide remand report dated 27.07.2024. Ld. AO submitted that from the details made available, it was not possible to ascertain that the assessee was holding the impugned shares for more than two years. Further, no documentary evidence with respect to transmission of shares from his father to his mother and finally to him had been furnished by the ....

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....ee has furnished before us a fresh reconciliation chart of shares sold and their receipt in the demat account along with a copy of the transmission certificate received from the HDFC Bank. The reconciliation chart is reproduced below: 5. We have heard the rival submissions. From the above reconciliation as well as the transmission certificate submitted by the assessee, it is clear that the he has....