Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (11) TMI 442 - ITAT MUMBAIAddition u/s 68 - shares purchased out of the gain received - reopening of assessment - contention of the assessee that the speculation gain earned on sale and purchase of shares of Mastek Limited and Wipro Limited was invested in making investment in shares of Buniyad Chemicals Limited and Talent Infoways Limited - Held that:- As contented by the assessee that said speculation gain on purchase and sale of shares of Mastek Limited and Wipro Limited had already suffered taxation as the assessee offered the same for taxation in the return of income filed with the Revenue but no evidence to support these contention to demolish the findings and conclusions of learned CIT(A) has been filed before us . Thus, in present scenario based on factual matrix of the case as culled out from the records, the matter need to be set aside and restored to the file of the AO for the purposes of verification of the contention of the assessee that the assessee had in fact invested speculation gain of ₹ 1,00,044/- earned on sale and purchase of shares of Mastek Limited and Wipro Limited on 10-04-2003 in making investment in the shares of Buniyad Chemicals Limited and Talent Infoways Limited and if this contention of the assessee is found to be correct then the addition of ₹ 1,00,518/- as made by the AO and confirmed/sustained by learned CIT(A) shall stand deleted. - Decided in favour of assessee for statistical purpose.
|