Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (8) TMI 592 - AT - Income TaxAssessment framed u/s 153A - search or requisition - addition u/s 68 of long term capital gain on sale of shares on ground of them being sham transactions - Held that:- After perusing the orders of Lucknow bench in the cases of Members of Arora group, we have held that order of the FAA in deleting the addition made u/s. 68 needs no interference. Since orders passed by the AO and FAA for the AYs under consideration are same as in the case of Smt. Pooja Arora and Sh. Praveen Kumar (Individual). Therefore, following the said orders we uphold the order of the FAA. Same is held in respect of addition made on ground of low withdrawals for house-hold expenses and gift received by Assessee HUF since additions made on aforesaid ground has been restricted or deleted by Lucknow bench while assessment of group - Decided against Revenue
|