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Dy. CIT, Circle-3, Surat Versus Shri Amit Kishan Khurana

2015 (12) TMI 552 - ITAT AHMEDABAD

Penalty under section 271(1)(c) - unexplained cash credit - CIT(A) deleted addition - Held that:- The major addition which was made by the AO was on account of unexplained cash credit in the form of sale of shares which was duly shown in the return of income by the assessee as long term capital gain subject to tax @ 10% under section 112 of the Act, whereas the co-ordinate Bench in assessee’s own case for AY 2004-05has held it to be a short-term capital gain and to be taxed accordingly, which me .....

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of CIT(A). We uphold the same. - Decided against revenue - ITA No.2730/Ahd/2011 - Dated:- 9-10-2015 - Shri S. S. Godara, JM, & Manish Borad, AM. For The Appellant : Shri Rajdeep Singh, Sr. DR For The Respondent : Shri Rasesh Shah, AR ORDER PER Manish Borad, Accountant Member. This appeal of the Revenue is filed against the order of CIT(A)- II, Surat, dated 23rd August, 2011 for AY 2004-05. Penalty order was framed under section 271(1)(c) of the Income-tax Act, 1961 (in short the Act) by ACI .....

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d inaccurate particulars of such income in view of the Explanation-1 to section 271(1)(c) of the I.T. Act. (2) On the facts and in the circumstances of the case, the ld. CIT(A) ought to have upheld the order of the Assessing Officer. (3) It is, therefore, prayed that the order of the CIT(A) may be set aside and that of Assessing Officer may be restored to the above extent. 2. Briefly stated the facts of the case are that assessment of the assessee was completed u/s 143(3) of the Act on 28.12.200 .....

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accurate particulars of income, passed penalty order under section 271(1)(c) in respect of addition of ₹ 11,39,420/- as mentioned above and imposed minimum penalty @ 100% of the tax sought to be evaded which worked out at ₹ 3,41,826/-. 3. Aggrieved, the assessee went in appeal before CIT(A) who quashed the order of AO by deleting the penalty of ₹ 3,41,826/-. 4. Aggrieved, the Revenue is now in appeal before the Tribunal. 5. The ld. DR relied on the order of AO. On the other han .....

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rds available and the order of the coordinate Bench in assessee s own case referred above. The four additions made by the AO in the order u/s 143(3) were as follows :- i. Unaccounted sale of stock Rs.24,000/- ii. Unexplained cash deposited in bank Rs.64,000/- iii. Low household withdrawals Rs.50,000/- iv. Unexplained cash credits in form of sale of shares Rs.10,01,420/- Total Rs.11,39,420/- From perusal of order of the Tribunal dated 10.5.2013 in assessee s own case for AY 2004-05 following deci .....

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xplained cash deposited in bank - 15. We have heard the rival submissions and perused the material on record. We find that the assessee has not substantiated the source of deposits either before the AO or before the CIT(A) and also not before us. It is also a fact that an addition of ₹ 24,000/- has also been made by the AO and the same has been sustained by us in ground no.2 hereinabove. The present addition of ₹ 64,000/- also includes, the addition of ₹ 24,000/- which accordin .....

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e property. He is also not a member of any club. These facts could not be cotroverted by Revenue. Considering the aforesaid facts, we are of the view that the addition made by the AO on an estimated basis, is uncalled for. We, thus direct the deletion of addition. Thus, this ground is allowed. (iv) In regard to unexplained cash credits in form of sale of shares - 26. We have heard the rival submissions and perused the material on record. The factual matrix of the case is that the assessee is sai .....

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pective parties. The assessee also could not contradict the findings of AO & CIT(A) by bringing any tangible material on record. The case law relied by assessee are distinguishable on facts. The assessee in its paper book has submitted the copy of the bank account of the brokers to whom the shares were sold and has also stated to have received the sale proceeds by account payee cheques. However, the purchase of shares from M/s Bubna Stock Broking Services Ltd. has not been proved by the asse .....

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