2025 (8) TMI 959

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ncome Tax- 3 has erred in Law and on Facts in holding that the order passed u/s 147 r.w.s 144 of The Income Tax Act, 1961 dated 28/09/2021 as erroneous and prejudicial to the interest of revenue and directing the Ld. Assessing Officer to make fresh assessment, by passing the Order U/s 263 of The Income Tax Act, 1961 dated 14/02/2024. 2. On the facts & in the circumstances of the case it is most respectfully submitted that the Ld. Principal Commissioner of Income Tax-3 has erred in Law and on Facts by holding that sales proceeds of stock namely Parikh Herbals Limited is unexplained income u/s 68 or 69A r.w.s 115BBE of the I.T. Act. 3. Your appellant craves leave to add, to alter or to amend the grounds of appeal if occasion....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....erbals Ltd. and the persons who have admitted that they were engaged in providing accommodation entries to their clients. The ld. A.R. submitted that the assessee at the time of assessment proceedings vide submissions dated 18-09-2021 provided following documents:- (a) Copies of contract note in respect of sale of shares Parikh Herbals Ltd during assessment year 2013-14 showing the name of broker, pan of the broker, shares' name, contract date from settlement no and date of issue of loss on the note. (b) Copy of shares ledger account from the books of the Religare Securities Ltd. i.e. the broker. (c) Copies of assessee's bank statements wherein sales proceeds on sale of the said scrip namely Parikh Herbals Ltd. wa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Ltd.. In fact, the Assessing Officer has confronted the assessee during the re-assessment proceeding related to the said transaction and called upon the details of purchase as well as the sale of the said scrip. The assessee also responded the same vide submissions dated 16-09-2021 and submitted the details such as contract note in respect of purchase of shares, contract note in respect of sale of shares as well as the bank statements and the ledger account from the books of the broker through whom the assessee made these transactions. After perusing all these documents only the Assessing Officer has arrived at the conclusion that the assessee has rightly taken exemption u/s. 10(38) of the Act. The assessee has demonstrated before the Asses....