TMI Blog2022 (6) TMI 478X X X X Extracts X X X X X X X X Extracts X X X X ..... ase was made by the Assessing Officer in the order of reassessment on the ground on which reopening of the assessment was based and the reliance of the learned Counsel for the assessee on the same is clearly misplaced. The additional ground raised by the assessee is accordingly dismissed. STCG - The case of the assessee is that none of the notices issued by the Assessing Officer was received by the assessee and therefore the relevant details and documents to support and substantiate his case on the issue could not be furnished by the assessee. The learned Counsel for the assessee has submitted that these details and documents, however, were furnished by the assessee during the course of appellate proceedings before the learned CIT(A) w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , is an individual. As per the AIR information received by the Assessing Officer, the assessee had entered into share transactions of Rs.17,30,39,940/- during the year under consideration. Since no return of income was filed by the assessee for the year under consideration, the assessment was reopened by the Assessing Officer on the basis of the said information and a notice under Section 148 of the Incometax Act, 1961 ( the Act in short) was issued by him to the assessee after recording the reasons. There was, however, no compliance on the part of the assessee to the said notice issued by the Assessing Officer under Section 148 of the Act as well as the subsequent notices issued by him under Section 142(1) of the Act. The Assessing Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ult of the assessee. The final show cause notice sent to the assessee on 2nd November 2017 in which the 10th November, 2017 was given as final date was handed over by the neighbor's son on 2nd December 2017 but the AO has passed order u/s 144 on 15th November. 2017, So the ex-party assessment has been done for no fault of the assessee and because of circumstances beyond his control. During the financial year 2009-10 the assessee has done intra-day trading in stock market and there is no investment because the position gets squared off on regular basis in the AIR information the gross bill value of the intraday transaction is taken as turnover. However, in fact there is a small debit or credit difference of the transactions which ge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment and has created lot of hardship without his fault and circumstances beyond his control. We request you to admit the copy of the ledger account of the assessee from the books of Broker, Investor Report and the bank statement as additional evidence under rule 46A of the Income Tax Act, 1961 and to ask for remand report from the AO which will give justice to the assessee and remove undue hardship. 4. The learned CIT(A) did not find merit in the submission made by the assessee and rejecting the same, he confirmed the addition of Rs.8,65,200/- made by the Assessing Officer on account of profit allegedly earned by the assessee from share transactions for the following reasons given in his impugned order:- After considering su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ground that the reopening of assessment was based on the investments allegedly made by the assessee in share transactions of Rs.17,30,39,940/- and since no addition was made by the Assessing Officer in the order passed under Section 144 read with Section 147 of the Act on the said issue, he could not have made addition on Short Term Capital Gain earned by the assessee on share transactions which was entirely a different issue. In support of this contention, he has relied on the decision of Hon ble Gujarat High Court in the case of CIT vs. Mohmed Juned Dadani, reported in [2014] 355 ITR 172 (Guj.). I am unable to accept this contention raised by the learned Counsel for the assessee in support of the issue raised in additional ground. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s accordingly dismissed. 7. Insofar as the addition of Rs.8,65,200/- made by the Assessing Officer and confirmed by the learned CIT(A) on account of Short Term Capital Gain is concerned, the contention raised on behalf of the assessee before the learned CIT(A) as well as before the Tribunal is that the share transactions of Rs.17,30,39,940/- entered into by the assessee in the year under consideration were intra-day transactions and the same had actually resulted into loss. The case of the assessee is that none of the notices issued by the Assessing Officer was received by the assessee and therefore the relevant details and documents to support and substantiate his case on the issue could not be furnished by the assessee. The learned Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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