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2022 (6) TMI 1000 - AT - Income TaxAddition u/s 69 - loss on the sale of shares of Swarsarita Gems Limited - Year of assessment - Charge of income-tax - HELD THAT:- Income tax shall be charged for the previous year to which the income relates/in which income accrues. Thus the scheme of the Act provides that the income pertaining to a particular previous year shall be charged to tax in the corresponding assessment year. See P.G. & W. Sawoo Pvt. Ltd. [2016 (4) TMI 1002 - SUPREME COURT]. In the given case, the transactions for the purchase and sale of shares have taken place in the financial year 2008-09 and therefore the same at the most can be taxed in the corresponding assessment year. However, we find that the AO has determined the income under the provisions of section 69 with respect to the transactions carried out by the assessee in the earlier year and not in the year under consideration. The act of the revenue authorities is unwarranted under the provisions of law. Accordingly, we set aside the finding of the learned CIT (A) and direct the AO to delete the addition made by him.
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