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2017 (10) TMI 316 - AT - Income TaxAddition on account of loss in trading of shares - Assessment u/s 144 - plea of the assessee that it may be provided adequate opportunity to present its case - Held that:- It is evident from the assessment order that the addition on account of loss in trading of shares was made in absence of any details. Before the Ld. CIT (A) also, the assessee could not furnish relevant details like the basis of valuation of shares, the date of purchase of shares and the working of the loss said to have been incurred on account of trading in shares. Thus, the assessee was not able to substantiate its claim before the Ld. CIT (A) also. However, before us, the Ld. AR has given an assurance that the assessee shall fully co-operate with the AO if it is given another opportunity to furnish the required details/evidences/ documents. Therefore, looking into the overall facts and circumstances of the case and keeping in mind that a high pitched assessment at ₹ 1,62,44,980/- has been made as against the returned income of ₹ 4,984/-, we deem it fit to restore the issue to the file of the AO for fresh adjudication after giving the assessee a proper opportunity. We also direct the assessee to fully co-operate with the AO in the assessment proceedings
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