2025 (3) TMI 2003

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....HIDARA (AM) :- The following grounds of appeal were raised by the above mentioned appellant in this appeal for A.Y. 2012-13 :- 1. The Learned AddI/JCIT(A) erred in confirming the addition treating the proceeds of Rs. 12,98,975/- from sale of shares of VAS Infrastructure Ltd as unexplained cash credits u/s 68 of the Act ignoring the fact that the said transactions have been treated as b....

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....without considering the appellant's submission that the identical trading activity in the shares of VAS Infrastructure Ltd has been accepted as genuine, in the reassessment proceedings for A.Y. 2016-17. 5. On the facts and circumstances of the case and in law, the Learned Addl/JCIT(A) erred in confirming the action of AO making in making addition of Rs. 25,980/- as commission @2% bein....

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....nally held that the appellant was a beneficiary of artificially jacking up of share value of VAS Infrastructure Limited. Hence, the entire sale proceeds of shares was added by the Ld. AO under section 68 of the I.T. Act. 4. The Ld. CIT(A) relied on the decisions of Sanjay Bimalchand Jain of Hon'ble Jurisdictional High Court and Swati Bajaj of Kolkata High Court and confirmed the decision of....

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.... has not claimed any exemption under section 10(38) of the Act and hence addition should be deleted in toto. The Ld. DR relied on the orders of the Ld. AO and Ld. CIT(A). 7. After hearing both sides, it is decided to delete the addition made by the Ld. AO for the following reasons : a) The appellant is a regular trader in the shares and as far as this scrip is concerned, the appella....