TMI Blog2013 (7) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... .4.2012. The grounds raised by the revenue are as under:- 1. Whether on the facts and circumstances of the case, the ld CIT(A) was justified in deleting the addition of Rs.11,07,707/- made by the Assessing Officer on account of unexplained investment. 2. Whether on the facts and circumstances of the case, the ld CIT(A) was justified in allowing the appeal of the assessee as the source of investment share was not explained by the assessee. 2. The brief facts of the case are that return of income declaring an income of Rs.69,25,920/- was filed on 23.7.2010. The case of the assessee was selected for scrutiny/ During assessment proceedings and on the basis of AIR information, the Assessing Officer observed that a share transaction under T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dition by holding as under:- "I have gone through the facts of the case and considered the submissions of the AR of the appellant and also the contents of the remand report of the Assessing Officer. I find that vide letter dated 30.11.2009, the appellant had requested the Assessing Officer to provide the exact details of the transactions incorporating an amount of Rs.11,07,707/- as he had several transactions with the said portfolio manager i.e. M/s Religare Securities Pvt. Ltd. It was also stated in the said letter, that in the absence of the correct details it would not be possible for him to reconcile this amount in question. Instead of providing the details to the appellant as requested, the Assessing Officer has observed that the rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt but was consisted of various amounts and in this respect our attention was also invited to page 7 of paper book where the break up was placed. Similarly, our attention was invited to page 10 of paper book where scripts-wise difference in sales and purchases of shares was placed. Our attention was also invited to paper book page 11 where the computation of short term capital gain was placed and in view of comparison between paper book page 10 11 it was brought to our notice that all transactions of sales and purchases were disclosed in the computation of income and there was no investment out of undisclosed sources. 7. We have heard the rival submissions of both the parties and have gone through the material available on record. From ..... X X X X Extracts X X X X X X X X Extracts X X X X
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