TaxTMI 
TaxTMI 
TaxTMI 
2026 (3) TMI 229
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....solidated order by taking ITA No.3631/M/2025 pertaining to A.Y. 2012- 13 as the lead case. 2. During the appellate proceeding it was observed that the assessee was given several opportunities by the Bench, specifically as per the order sheet dated 03.12.2025 and subsequently on 05.02.2026, as none appeared on behalf of the assessee, the Bench had granted final opportunity for the assessee to appear before us. The assessee has not complied with the same inspite of specific direction and today when the matter came up for hearing before us, it was decided that the appeal will be heard after hearing the Learned Departmental Representative ('Ld. DR' for short). We, therefore, proceed to decide the present appeal by hearing the Ld. DR and on p....
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....th an intention to verify the genuineness of sale and purchase transaction in relation to the script of Vandana Knitwear Ltd (formerly known as Trendy Knitware Ltd) as mentioned in the Para 3 of the assessment Order "In order to verify the genuineness of the purchase and sale of shares of M/s Vandana Knitwear Limited made by the assessee, the details of transactions were called for and the said details filed by the assessee were perused.". These further supports, to the fact that No Quantification of the escaped income has been done in the reason recorded for the reopening of assessment and also based on incorrect facts. 3. The Ld. AO as well Ld. CIT(A) erred of law as well as of fact in confirming the assessment order by not consi....
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....lant can raise the objections to the re-opening of the assessment. Hence, the appellant had been denied of principle of natural justice. 6. The Ld. AO as well as Ld. CIT(A) had deliberately ignored the fact that the appellant had earned short term capital gain as against the long term capital gain recorded in the reason recorded for the re-opening of the assessment. Further, the contract notes, shares certificate, Demat Account Statement, Bank Statement, and also stated that qualification of appellant being MBA and is a regular investor, submitted by the appellant in the course of appellate as well as assessment proceedings has been conveniently ignored. 7. The Ld. AO as well as Ld. CIT(A) had erred of fact as well as of L....
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....he assessment order u/s 143(3) r.w.s. 147 of the Act determining the total income at Rs. 28,96,340/- after making an addition u/s 68 of the Act amounting to Rs. 28,74,250/- on the ground that the assessee has failed to prove the genuineness of the impugned transaction. 5. Aggrieved, the assessee was in appeal before the first appellate authority who vide order dated 10.08.2025 upheld the addition made by the Ld. AO on same ground as that of the Ld. AO. 6. The assessee is in appeal before us, challenging the order of the Ld. CIT(A) on the aforementioned grounds. 7. We have heard the Ld. DR and perused the materials available on record. It is observed that the assessee has purchased 70,000 shares of M/s. Vandana Knitwear Ltd. on 21.0....
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....also explained the modus operandi of such transaction and had also placed reliance on the statement of the key person Shri Pramod Gadia and Shri Pradeep Saremal Jain who was one of the directors of M/s. Vandana Knitwear Ltd. recorded by the investigation wing, Hyderabad which discloses that there was no real business activity carried out by this company and was merely an accommodation entry provider. The Ld. AO made an addition on the consideration received by the assessee on sale of the alleged penny scrip on the ground that the assessee had failed to establish the genuineness of the transaction. The Ld. CIT(A) placed reliance on the order of the Ld. AO as well as the SEBI order and upheld the addition made by the Ld. AO on the ground that....