2026 (4) TMI 895

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... reliance on generic investigations/third-party material not confronted to the appellant; the finding is perverse and deserves to be deleted. 2. On facts and in law, the ld. CIT(A) erred in confirming the addition of 3,20,000 being commission income by ignoring the revised computation of income submitted during the assessment proceedings. The addition is vitiated by breach of natural justice and by reliance on generic investigations/thirdparty material not confronted to the appellant; the finding is perverse and deserves to be deleted. 3. On facts and in law, the ld. CIT(A) erred in sustaining the addition of 5,72,990 as STCG without adjudicating the appellant's reconciliation, scripwise workings, demat extracts and co....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....regards ground no. 1 the ld. A.R. submitted that the assessee has given all the details related to the purchase of scrip of Kappac Pharma through registered broker and also has given purchase bills as well as sale bills along with complete details including demat account. The ld. A.R. submitted that the Assessing Officer at no point of time pointed that the assessee involved in the price variation of the said shares. The ld. A.R. relied upon in case of Shivani Ashokbhai Shah. 6. The ld. D.R. relied upon the assessment order and the order of the CIT(A). 7. Heard both the parties and perused all the relevant material available on record. It is pertinent to note that the Assessing Officer in the assessment order has not doubted the purch....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....essee's reconciliation, scrip wise working demat extracts and contract notes. The ld. A.R. submitted that the residual amount have been added and not the entire amount of short term capital gain. The ld. A.R. submitted that the assessee has furnished annexure D including that statement containing dates of purchase, name of scrip, cost, number of shares, sold date of sale and sale consideration which was totally overlooked by the Assessing Officer. 12. The ld. D.R. relied upon the assessment order and the order of the CIT(A). 13. Heard both the parties and perused all the relevant material available on record. Annexure D placed before the Assessing Officer is related to the list of shares and the short term capital gain, loss incurr....