TaxTMI 
TaxTMI 
2026 (3) TMI 612
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....paid towards service tax on rent. 2. The ld. CIT(A) erred in not appreciating the details and submissions submitted by the assessee and treated the details submitted as incomplete along with the appeal memo and confirmed the additions made by the AO in the impugned assessment order." 2. Brief facts of the case are that assessee is individual. As per contents of assessment order no return of income for A.Y. 2012-13 was filed by assessee. The case of assessee was reopened under section 147 on the basis of information that certain search and seizure action was conducted by Investigation Wing wherein certain incrimination material about providing bogus long term capital gain or short term capital gain or business income was discover....
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....estment should not be treated as unexplained. The ld. AO recorded that no response was made by assessee. The AO recorded that assessment was getting time barred. The AO made addition of purchase value of Rs. 42,60,406/- under section 69 of the Act while passing assessment order on 19.12.2019. 3. Aggrieved by the additions in the assessment order, the assessee filed appeal before ld. CIT(A). In the statement of fact, the assessee explained that he has purchased share of Mind Vision Capital Ltd. out of explained source. The shares were held in D-mat. No capital gain or capital loss was claimed by assessee nor claimed carry forward loss. There is no application of section 69. An investment of assessee is explained. In the first show cause n....
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....d the assessee has filed present appeal before Tribunal. 5. I have heard the submissions of ld. Authorised Representative (ld. AR) of the assessee and the ld. Senior Departmental Representative (ld. Sr. DR) for the revenue. The ld. AR of the assessee submits that during assessment as well as before ld. CIT(A), the assessee furnished complete details of source of investment. The assessee purchased 280000 shares of Mind Vision Capital Ltd. Such shares were purchased through well-known brokers namely Kotak Securities and Religare Securities Ltd. The assessee used to purchase share only through such well-known brokers. The assessee has purchased such share for a consideration of Rs. 41,11,342/-. Out of which Rs. 22,68,000/- was paid from sam....
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....omplete details of investment. The share purchased by assessee is penny scrip, thus he fully support the order of lower authorities. 7. In short rejoinder, the ld. AR of the assessee submits that he has placed on record acknowledgement of ITBA portal wherein it is clearly reflected about submission of bank statement which was filed on 08.11.2019. The assessee also furnished detail of transaction of share through Religare Securities, such acknowledgement is a part of page no. 1 to 3 of paper book. Further, vide submission dated 08.02.2021, before ld. CIT(A), the assessee furnished written submission, statement of fact, script wise detail, details of scrip purchased through Religare as well as Kotak Securities, acknowledgement of which is ....
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.... sold and the assessee incurred losses. The assessee specifically explained the source of purchases through banking channel. The assessee explained that he has paid Rs. 22,68,000/- through his Savings Bank Account and Rs. 18,43,342/- on selling his old stock of shares of Tutis Technology, Hindalco and JSW Steel. The ld. CIT(A) has not given any finding on such submission except holding that assessee has not furnished complete disclosure. I find that ld CIT(A) accepted the fact that D-mat and bank statement was furnished before him, but no cogent details were furnished by assessee about subsequent treatment of shares. Subsequent treatment was not in dispute before him. Once, ld CIT(A) accepted that D-mat and bank statement was furnished, he ....