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2023 (6) TMI 569 - AT - Income TaxUnexplained investment in the shares - Investment was made in shares out of Appellant Salary Income which was earned out of India - CIT(Appeals) dismissed the appeal of the assessee as assessee has not shown that purchase of shares were out of his income earned outside of India and further declined to send the additional evidence filed by the assessee, with respect to purchase and sale of shares on the ICICI direct platform, to AO u/r 46A on the ground that this may not serve any fruitful purpose. HELD THAT:- As during the course of appellate proceedings before Ld. CIT(Appeals), the assessee had sought to file details/statement of ICICI Direct regarding loss on sale of shares on ICICI Direct platform. However, the same was not admitted and referred to the file of AO for his observations. CIT(Appeals) has erred in facts and law in not allowing opportunity of assessee to place on record the relevant facts/information in support of its case. Counsel has also filed certificate from Punj Lloyd to the effect that the assessee was working as General Manager, Malaysia with the aforesaid concern during the period under consideration, and accordingly, the source of investment in the shares of Infosys Tech was duly explained. No addition is called for - Decided in favour of assessee.
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