Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (1) TMI 85 - AT - Income TaxAddition u/s 68 - HELD THAT:- In this case AO has made addition u/s. 68 only on the basis of surmise and conjunctures. CIT(A) has given a finding that all transactions are routed through the demat account. The transactions are through banking channels, the gain is also a small amount. AO has not even bothered to find out what is the gain and what is the cost price. Without any application of mind he has added the entire amount an addition u/s. 68. CIT(A) on the other hand given a finding that the gain from this scrip of SVC Resource Ltd is amounting to only ₹ 1,329/-. Moreover, nowhere AO has mentioned that assessee has been named by the SEBI for penalizing or any order has been passed against the assessee. In these circumstances addition on the basis of conjunctures and surmise has been rightly deleted by the Ld. CIT(A). - Decided against assessee.
|