2025 (3) TMI 1872

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....PER: DR. BRR KUMAR, VICE PRESIDENT: The captioned appeal has been filed by the Revenue against the order of the Ld. Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi (hereinafter referred to as "CIT(A)" for short) dated 06.11.2024 passed under Section 250 of the Income-tax Act, 1961 [hereinafter referred to as "the Act" for short], for Assessment Year (AY) 2012....

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....he assessee, who is an individual, filed his return of income for the year under consideration on 27.09.2012 declaring total income at Rs. 3,65,850/- and the assessment u/s 143(3) of the Act was passed on 28.12.2013. Subsequently, the assessee's case was reopened u/s 147 of the Act by the Assessing Officer on the ground that the assessee had failed to furnish full and true details of his share tra....

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....Rs. 13,56,587/- made by the Assessing Officer, the Ld. CIT(A) held that the Assessing Officer had not analysed the transaction in Scan Steel Limited and had not even given the details of gain/loss from these transactions in the assessment order. The Ld. CIT(A) also held that the assessee had explained the transaction in Scan Steel Limited as tabulated below:- Sr. No. Nos. Purchase/Loss ....

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....ed the sale and purchase transactions as his turnover. The Assessing Officer had considered the sale and purchase of these so-called speculative transactions as turnover instead of net profit or loss and made the addition solely relying on the investigation report and did not carry out any independent investigation on the matter so as to substantiate his findings. We, therefore, do not find any in....