TaxTMI 
TaxTMI 
TaxTMI 
2026 (1) TMI 138
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.... 2013-14 on the following grounds:- 1. The Ld. CIT(A) has grossly erred on facts as well as in law in not annulling the assessment order u/s. 153A r.w.s. 143(3) in spite of the fact that the proceedings u/s. 153A r.w.s. 143(3) are ex facie illegal, arbitrary and without jurisdiction. 2. The Ld. CIT(A) has grossly erred on facts as well as in law in not annulling the assessment order u/s. 153A r.w.s. 143(3) in spite of the fact that no incriminating material was found for the year under consideration during the course of the search upon the appellant and no assessment proceedings were pending on the date of search. 3. The Ld. CIT(A) has grossly erred on facts as well as in law in not annulling the assessment order ....
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....ere is no infirmity in the assessment order on account of non availability of cross examination. 2. The brief facts of the case are that the original return of income was filed by the assessee on 15.7.2013 at an income of Rs. 92,34,610/-. Search and seizure proceedings u/s. 132 of the Income Tax Act, 1961 were conducted in the case of Bhushan Steel Limited Group and its group concerns, residential / factory premises of partners, directors and proprietors of the group on 13.06.2014. The case of the assessee was also covered in the said search operation u/s. 132 of the Act. Subsequently, notice u/s. 153A of the Act dated 2.5.2016 was issued. In response to the same, the assessee filed his return of income on 4.10.2016 at an income of Rs. 9....
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....- and simultaneously, AO has also proceeded to make an addition on account of alleged unaccounted commission expenses @6% of the total Long Term Capital Gains amounting to Rs. 7,75,174/- and assessed the income of the assessee at Rs. 2,29,29,355/-. Against the assessment order, assessee appealed before the Ld. CIT(A), who vide his impugned order dated 02.06.2022, dismissed the appeal of the assessee. 3. Aggrieved, assessee is in appeal before the Tribunal. 4. Before us, Ld. AR for the assessee submits that assessee was allotted 60000 shares on 02.03.2012 of M/s Anukaran Commercial Enterprises Ltd. and thereafter bonus shares were issued. All these shares available and credited in the DMAT account of the assessee. Thereafter, the share....
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....t the assessee any action was taken by any such authority. 5. On the other hand, Ld. CIT(DR) vehemently supported the order of the lower authorities and submits that there are ample details found during the course of search wherein, the evidences were gathered regarding assessee's indulgence in obtaining of accommodation entries and therefore, the capital gain declared by the assessee during the year under appeal deserve to be hold as bogus and further the commission on the sale thereof be treated as the income of the assessee in obtaining such accommodation entries. 6. Heard the parties and perused the material available on record. The sole issue in this case is with respect to treatment of capital gain declared by the assessee on th....
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....that the shares were purchased by the assessee under preferential allotment and they were credited to the DMAT account of the assessee. After purchases on various occasions, the shares allotted as bogus and after split they were credited and finally the shares were sold in the recognized Stock Exchange through Member Broker and the relevant copies of the contracts, notes etc. are available at Pages 28-45 of the Paper Book. Further, payment for purchase as well as sale receipts were received by the assessee through banking channels and necessary evidences of the bank statements were available in the Paper Book Pages 46-47. The assessee also requested for cross examination of the witnesses of the Department with Shri R.K. Kedia and the necess....