2025 (9) TMI 1648

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....t Year 2016-17. Originally assessment was framed by Assessing Officer (AO), National Faceless Asssessment Centre, Delhi, under Section 147 r.w.s. 144B of the Act, vide his order dated 27.03.2022. 2. Briefly stated facts are that the original assessment was completed U/s147 r.w.s. 144B of the Act by the AO, NFAC, Delhi vide order dated 27.03.2022. Subsequently, PCIT, on perusal of assessment records noticed certain discrepancies in the assessment order and issued show-caused notice U/s 263 of the Act dated 06.03.2024. The PCIT noticed that as per information received from the Directorate of Income Tax (Investigation) New Delhi, that the assessee has claimed bogus long term capital gain / short term capital gain through the use of penny st....

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.... filed reply dated 19.02.2024 and stated that the assessee has disclosed the entire purchase of shares from Pears Mercantile Pvt. Ltd. and Quantum Suppliers Pvt. Ltd. for sum of Rs. 2.50 lakhs on 03.09.2012 and Rs. 1.70 lakhs on 26.07.2013 respectively. The assessee also sold these shares for a sum of Rs. 57,90,652/- and claimed the same as exempt U/s 10(38) of the Act, and paid STT, on the sales of these shares. It was claimed that entire details of purchases and sales were enquired by the AO during the original assessment proceedings, and the assessee has provided proof of sales in the nature of invoices and contract notes duly issued by the recognised Bombay Stocks Exchange. Even the payments accrued were made through the settlement of t....

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....12-13 and 2013-14, the PCIT noted that the claim of assessee i.e. sum of Rs. 58,08,772/- received by assessee through the account of sale of shares, is bogus. Hence, practically directed the AO to add the same U/s 68/ 69A of the Act, by observing as under: "The assessee furnished copy of bank passbook of Canara Bank in support of payment of Rs. 2,50,000/- made to Pears Mercantile Pvt. Ltd. on 26.07.2013. However, it is noticed that the said bank account with Canara Bank isnot in the name of the assesse. It is in the name of Sanjay and Sons HUF. Hence, the purchase of shares by the assessee Sh. Vaibhav Kishore Bansal is not proved. The assessee submitted that Rs. 2,50,000/- was paid to Pears Mercantile Pvt. Ltd. whereas as per the t....

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.... 2. Copies of Purchase Invoices of shares. 3. Copies of Sales Contract Note of shares. The assessee stated that the original return of income for A.Y. 2016-17 was filed on 20.02.2017, showing business income of Rs. 9,17,179/ and exempted income of Rs. 57,90,652/ u/s 10(38) of the I. T. Act from sale of shares on which STT was paid. The assessee has provided copies of Contract Notes issued by Share India Securities Ltd., a member of the Bombay Stock Exchange. The shares were purchased on 03.09.2012 from Pears Mercantile (P) Ltd., Kolkata with PAN: AAFCP8292H and on 26.07.2013 from Quantum Suppliers (P) Ltd., Kolkata with PAN: AAACQ1621L. The documents furnished by the assessee are verified." We noted that this t....