2025 (3) TMI 2289

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....rishna Kumar ORDER PER RENU JAUHRI [A.M.] :- This appeal is filed by the assessee against the order of the Learned Income-tax Officer, Int. Tax Ward 4(2)(1)), Mumbai [hereinafter referred to as "AO"] dated 03.01.2023 passed u/s. 147 r.w.s. 144C(13) of the Income-tax Act, 1961 [hereinafter referred to as "Act"] for Assessment Year [A.Y.] 2017-18. 2. The assessee has raised the following....

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....ithout providing reasonable opportunity to cross examine the witness, not providing underlying material relied upon by the Ld. AO for forming an opinion on the involvement of the Appellant. 5. Ld AO grossly erred in making addition of income u/s 68 of the Act in respect of short-term capital gains earned by the Appellant on transfer of listed equity shares. In doing so, Ld. AO failed to a....

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....ing to Rs. 76,34,282 was added u/s 68 of the Act. 4. The assessee has challenged the order u/s 147 r.w.s. 144C(13) dated 03.01.2023 before the Tribunal. Before us, Ld. AR has argued that the reasons recorded were incorrect as it was mentioned that the assessee had generated bogus long-term capital gain through trading in penny stocks. However, the assessee had in fact shown short-term capital g....