2025 (2) TMI 1744

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....:- "(a) The Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 1,47,12,954/- made by AO on account of accommodation entries from sale of penny script M/s. Kushala Tradelink Pvt. Ltd. treated as unexplained money u/s.69A r.w.s. 115BBE of the Act. (b) The Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 4,41,388/- made by AO on account of undisclosed commission expenses under Section 69C of the Act. 3. The assessee filed return of income on 13.10.2016 declaring total income at Rs. 17,43,870/- for Assessment Year (A.Y.) 2016-17. On the basis of information received from the Insight Portal of ITBA, the case of the assessee was reopened and notice under section 148 of the Income ....

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.... claimed as exempt income under Section 10(38) of the Act. The Ld. DR submitted that the Assessing Officer rightly made addition under Section 69A of the Act as the assessee could not establish the sale consideration received by the assessee on transfer of shares and of M/s. Kushal Tradelink Pvt. Ltd. The Assessing Officer has categorically mentioned that there was SEBI order from which modus operandi of price manipulation in the scrip of M/s Kushal Tradelink Pvt. Ltd. for the period was categorically mentioned by the Assessing Officer. In fact, the said scrip was defunct in case of Ketan Parikh dated 14.07.2013 and there was manipulation prior to purchase of the scrip of M/s Kushal Tradelink Pvt. Ltd. and after the scrip was sold at that t....

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....) has rightly taken cognisance of the evidences and, therefore, has rightly deleted this addition. 7. As regards ground no.2 of the Revenue's appeal, the Ld. AR submitted that the question of earning commission which is undisclosed commission expenses was not established by the Assessing Officer and has rightly deleted. The Ld. AR relied upon the order of the CIT(A). 8. We have heard both the parties and perused all the reverent material available on record. It is pertinent to note that the assessee during the assessment proceedings has given copy of bills of stock broker Sharekhan Limited for the scrip of M/s Kushal Tradelink Pvt. Ltd., Trading chart comparison, Bank statement reflecting receipts of the share/scrip, D-mat holding and....