2024 (12) TMI 1652

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....l :- "1. Whether the CIT (A) was justified in law and on facts in deleting addition of Rs. 9,98,11,641/- being bogus Long Term Capital Gain under Section 10(38) of the IT Act without considering the facts of the case ? 2. Whether the CIT (A) was justified in law and on facts in deleting addition made on account of payment of commission amounting to Rs. 29,94,349/- under Section 69C of the Act without considering the facts of the case ? 3. The appellant craves leave to amend or alter any ground or add a new ground, which may be necessary. 4. it is, therefore, prayed that the order of Ld. CI(A) may be set aside and that of the Assessing Officer be restored." 3. As per the details available, the....

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.... which securities transaction tax paid that of Rs. 4,32,38,309/- as exempt income in the category of income not to be included in total income and has shown the sales proceeds of short term capital gains from sale of Kushal Group companies for Rs. 5,65,73,332/- which has been considered as sales consideration of capital gain offered to tax under short term capital gains. The Assessing Officer observed that as per the information received, the assessee has sold shares of scrip of Kushal Group Companies which has been claimed exempt under Section 10(38) of the Act or claimed as short term capital gains to be taxed at concessional rates. The Assessing Officer further gave analysis of synchronised share trading in Kushal scrip as per ....

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....sp;9,98,11,641/- being bogus long term capital gain under Section 10(38) of the Act without considering the facts of the case. The Ld. DR further summited that the addition made on account of payment of commission amounting to Rs. 29,94,349/- under Section 69C of the Act is also not justifiable by deleting the same. The Ld. DR submitted that the Assessing Officer has rightly made the addition as the assessee could not give the details about the genuineness of the trading of shares of Kushal Group of Companies and manipulated the scrips to generate bogus long term capital gain/loss and short term capital gain/loss. The Ld. DR relied upon the Assessment Order. 6. The Ld. AR submitted that the reasons recorded were bad as the approval ....