2024 (10) TMI 1759

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.... Kumar Biswas, Addl. CIT, Sr. DR. ORDER PER SHRI RAJESH KUMAR, AM This appeal filed by the assessee is against the order of Ld. CIT(A), NFAC, Delhi dated 02.07.2024 for AY 2016-17 arising out of assessment order passed u/s. 147 r.w.s. 144B of the Income Tax Act, 1961 (hereinafter referred to as the "Act") by Assessing Officer, Assessment Unit, Income Tax Department dated 27.05.2023. 2.....

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.... was duly served on the assessee and replies were filed along with details called for by the AO. The AO also issued notice u/s. 133(6) of the Act to two parties which were duly responded confirming the transactions with the assessee. Thereafter, the AO did not issue any notice u/s. 131 or carryout any further investigation to dig out the truth. Finally, addition was made by the AO on the basis of ....

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....sp;16 lakh. These two amounts were received by the assessee during the year for facilitating trading of L&T shares. We note that these advances were also refunded within a period of three months only within the financial year itself. The assessee has filed all the evidences during the assessment proceedings as well as before the Ld. CIT (A) qua these advances received and refund thereof. We note t....

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....ths during the financial year itself. In our opinion, the provisions of section 68 of the Act has been invoked wrongly. The case of the assessee finds support from the decision of Hon'ble Gujarat High Court in the case of PCIT Vs. Ambe Tradecorp (P) Ltd. [2022] 145 taxmann.com 27 (Guj) as well as the decision of Coordinate Bench in the case of Gem Forgings Pvt. Ltd., ITA No. 1423 to 1426/Kol/....