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2013 (11) TMI 109 - ITAT AGRAAddition made u/s 69A – genuineness of transaction - sale of shears - STCG - Held that:- The transactions carried out by the assessee have been explained through material on record and the assessee entered into the transactions of purchase and sale of shares genuinely. Sale consideration is received through broker who is also existing assessee with the Revenue Department - there is no reason to treat the transaction as non-genuine for the purpose of making addition - the source of the receipt of the amount is explained and the transaction entered into by the assessee with the broker clearly suggests a case of short-term capital gains – Decided against Revenue. Validity of reassessment proceedings u/s. 148 - Without issuance of notice – Held that:- Both the additions made by the AO have been deleted on merits - validity of proceedings u/s. 148, did not arise from the order.
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