2025 (3) TMI 1960

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....e Assessee : Shri Suchek Anchaliya, C.A. & Vaishali More, C.A. For the Revenue : Shri Bhangepatil Pushkaraj Ramesh, Sr. D/R ORDER PER NARENDRA KUMAR BILLAIYA, AM: I.T.A. No. 2046 & 2047/Mum/2024 are two separate appeals preferred against two separate orders of the NFAC, Delhi, dated 12/03/2024 pertaining to AYs 2015-16 & 2016-17. 2. Both these appeals were heard together and are dis....

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....y stated the facts of the case are that the assessee is engaged in the business of trading in shares and had filed its audited statement of accounts along with the return of income. 8. On the basis of information available with the AO, he came to know that search and survey action was conducted on a syndicate of Shri Naresh Jain & Associates. During the course of search and seizure action, seve....

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....of the Act in AY 2016-17. 8.2. The assessee challenged the addition before the ld. CIT(A) but without any success. 9. We have carefully perused the orders of the authorities below. A perusal of the assessment order shows that nowhere the AO has discussed the business of the assessee, its financial statements but has simply discussed the general modus operandi in penny stock cases. We are pai....

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....he year ending March, 2016. A perusal of the profit and loss account shows that the revenue from operations depicting gross sales do not have any long-term capital gains. In fact, the revenue from operations simply contained sale of shares. 10. We are of the considered view that the entire assessment has been framed on the basis of the information and the general prevailing practice where a sec....