Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 239 - ITAT CHENNAIUnexplained investment in shares – Held that:- The assessee submits that the amount was added as unexplained investment in shares and therefore the unexplained amount actually invested should be determined and while doing so, there is nothing wrong in telescoping the amounts available by way of sale of shares for future investment in such shares - The theory of assessing peak credit was well accepted by the Department and therefore this ground of the department may be dismissed - This ground may not even sustain once it is held that the investment in shares were made only in the assessment year 2008-09 and not in the A.Y.2009-10 as there would be no unexplained investment at all for consideration in the assessment year 2009-10 – thus, in the interest of justice, the matter has to be remitted back to the Assessing Officer since all the arguments raised by the assessee in his written submissions were not considered by the Revenue – Decided in favour of Assessee. Profit on sale of shares – Held that:- The CIT(A) held that The A.O is required to look into the aspect, and if found so, the AO may treat the above gains as short term capital gains only- the AO is also required to recomputed the peak investments by considering the above sales as the sales of the financial year 2008-09 - CIT(A) has only directed the AO to verify the relevant dates and recompute the income as per merits and facts of the case –thus, there was no infirmity in the order of the CIT (A) – AO is directed to look into the issue considering the provisions of the Sec.10 (38) of the Act – Decided partly in favour of Assessee.
|