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2024 (2) TMI 387 - AT - Income TaxAdditions u/sec 68 in respect of sale of shares and u/sec 69 in respect of estimated commission expenditure - addition made on non establishing the genuineness of the impugned Long Term Capital Gains - HELD THAT:- As assessee has furnished the financials, details of broker and the transactions status. AO has doubted the purchase and sale of shares and observed that the price rise is not commensurate with the financials of the investee company. The assessee has substantiated with all details and information and the AO has relied on the investigation report of income tax department and treated the long term capital gains on sale of shares as not genuine. Further the A.O. has not made any enquiry or independent investigation and relied on the statement of the parties in the survey u/sec 133A of the Act and the assessee’s name is not included in the list of investigation report. The fact remains that the assessee has submitted the requisite details in respect of purchase and sale of shares were not disproved. The transaction of purchase and sale of shares is through banking channel. Further as discussed in the above paragraphs the Hon’ble Tribunal in Shi Jatinder Kumar Jain Vs ITO [2022 (8) TMI 21 - ITAT CHANDIGARH] dealt on the same scrip of share and for the same assessment and has granted relief to the assessee. Accordingly, we set aside the order of the CIT(A) and direct the assessing officer to delete the additions and allow the grounds of appeal in favour of the assessee.
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