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2016 (9) TMI 1319 - ITAT MUMBAIReopening of assessment - addition under Section 69C - amount of shares purchased by the assessee - income from other sources - Held that:- As per the assessment order framed for the assessment year 2006-2007 vide order dated 31/03/2015 passed under Section 153A read with Section 143(3), the AO has already brought to tax ₹ 70,27,062/- under the head income from other sources. When during the year under consideration, assessee has not made any payment on account of purchase of share nor received any payment on account of sale of shares, there does not arise any justification for making any addition under Section 69C by presuming that assessee has made payment for the purchases without disclosing its source. As per the remand report, all these transactions of purchases were speculative in nature and on the very same date sales have been effected in respect of purchases so made. Nothing was brought on record by learned AO or CIT(A) to say that assessee has made any actual payment on account of purchase of shares or received any cheque against the sales of shares made by it. The assessee has already disclosed profit/loss on these speculative transactions. Accordingly, there is no justification for the additions so made by the AO on account of purchase amount of shares u/s.69C. - Decided in favour of assessee.
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