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2019 (12) TMI 760 - AT - Income TaxValidity of assessment - HELD THAT:- We find that the assessee submitted that the assessment order might have passed in the month of January, 2011, with an ante-date, but, there is no evidence to support his argument. We are of the view that there is no basis for the assessee to raise this ground and hence, the same is dismissed. Case was selected for scrutiny under CASS and not for any specific purpose. The AO has power under jurisdiction to scrutinize the entire of the assessee and, therefore, this ground of the assessee is dismissed. Short term capital gain on profit on shares - Period of holding - HELD THAT:- The assessee is buying shares and selling the same within 2 days for profit. All the shares in the above table except one scrip pertaining to EASUN Reyrol, which is purchased on 25/07/2007 and sold on the same day, the assessee purchased on 24/07/2007 and sold on 206/07/2007 i.e. within two days. Therefore, it is very much evident that the intention of the assessee is only to make the profit by buying and selling the shares in a systematic manner. The assessee did not hold any shares for a longer period that means, the assessee’s intention is not at all earn dividend income, but, only he wanted to make profit. In the written submissions, the ld. counsel for the assessee relied on various case law as well as CBDT Circular No. 6 of 2016, dated 29/02/2016. In our view, the same are not relevant to the facts of the case of the assessee. Therefore, the revenue authorities treated the assessee as a trader and not an investor is proper and accordingly, we uphold the order of the CIT(A) and dismiss the ground raised by the assessee in this regard. Disallowance of expenses under the head ‘conveyance & travelling’ and vehicle maintenance - AO made the disallowance on the ground that some of the vouchers are self made and not supported by bills and disallowance was to the extent of 30% of the amounts under the said heads of expenses - HELD THAT:- AO made the disallowances @ 30% of the expenditure on the ground that the some of the vouchers submitted by the assessee are self-made vouchers. The CIT(A) restricted the disallowance to 15%. Therefore, we find no infirmity in the order of CIT(A) and therefore, the same is hereby upheld dismissing the ground raised by the assessee on this issue. Income from house property - HELD THAT:- Additional ground raised by the assessee is rejected in view of the fact that the CIT(A) has already adjudicated the same by remitting the same to the file of the AO. This ground is dismissed.
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