TMI Blog2023 (4) TMI 182X X X X Extracts X X X X X X X X Extracts X X X X ..... demat account of the assessee in order to justify the claim u/s 10(38). Hence, in the absence of these details, the Bench feels to restore the issue to the file of the AO to decide it. Thus the appeal of the assessee is allowed for statistical purposes. - ITA No. 447/JP/2022 - - - Dated:- 20-2-2023 - Shri Sandeep Gosain, JM And Shri Rathod Kamlesh Jayantbhai, AM For the Assessee : Shri Rajendra Agrawal, CA For the Revenue : Mrs. MonishaChoudhary, Addl. CIT-DR ORDER PER: RATHOD KAMLESH JAYANTBHAI, AM This appeal filed by the assessee is directed against order of the ld. CIT(A) dated 28-10-2022, National Faceless Appeal Centre, Delhi [hereinafter referred to as (NFAC) ] for the assessment year 2012-13 wherein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roker M/s. Badri Prasad Sons was also barred by SEBI for following modus operandi of artificially jacking up the price of shares. The appellant does not have a history of making share trading or investment in any other shares. There is no justification for abnormal increase of price of shares from Rs. 500 to Rs. 6,12,867/- Therefore, the re-opening on the basis of aforesaid information is very much justified and considering the entirety of facts of the case mentioned above, it is held that the AO has correctly treated Rs. 6,12,367/- as income from undisclosed sources by denying exemption u/s. 10(38) and hence the same isupheld. All grounds of appeal are hereby dismissed. 7. Accordingly, the appeal is treated as dismissed. 2. 2 Du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tatement of long term capital gain on sale of shares (PB-3) having the complete date-wise details of purchases, copy of bank statement (PB-6 to 7) along-with copy of account payee cheque (PB-4) evidencing the receipt of sales consideration of sales of shares through banking channel, complete details STT paid on sale of shares (PB-5) party combined bill of settlement for sale of shares (PB-5) were furnished before the Ld. AO. Reliance has been placed on the following judgements:- (1) (JP-Trib) 2021 ITL 2057 Nilesh Agrawal HUF v. ITO ITA No. 222- 223/JP/2020 Dt. of Order 09. 02. 2021 2. DBIT No. 209/2018, PCIT vs Pramod Jain (date of order 24-07-2018, Raj. High Court) 3. ITA No. 125/2020, PCIT vs Smt. Krishna Devi (date of order 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id AO hold that the amount of Rs. 6,12,367/- introduced/credited by the assessee out of these purported share sale receipts during the FY 2010-11 (AY 2011-12) as his income from other sources and added the same to the total income of the assessee. During the course of assessment proceedings, detailed computation of income (PB-2 to 3) explaining all the sources of income and various activities done by the assessee, datewise statement of long term capital gain on sale of shares (PB-3) having the complete datewise details of purchases and sales of shares, copy of bank statement (PB-6 to 7) alongwith copy of account payee cheque (PB-4) evidencing the receipt of sales consideration of sales of shares through banking channel, complete details STT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u Agarwal vs ITO (ITA No. 249/JP/2022 dated 11-01-2023, ITAT SMC , Jaipur Bench) But it is very unfortunate that the Ld. CIT(A) without considering the detailed written submissions and judicial pronouncements relied in the appeal, has very arbitrarily decided that it was as sham transaction which cannot stand and the test of human probability and therefore, addition so made by the AO is hereby confirmed. We pray to your honor to please consider the above submissions and please allow the appeal. 2. 3 On the other hand, the ld. DR supported the order of the ld. CIT(A) and simultaneously relied upon the following decisions. (1) Pr. CIT vs Swati Bajaj [2022] 139 Taxmann. com 352 (Calcutta) (2) Jawari Lal Lunia vs Union of Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ady acquired by the beneficiaries with acompany whose shares are listed on recognized stock exchange and this part of modus operandi is visible in this case when Ranisati Commotrade Pvt. Ltd. was amalgamated with M/s. Blueprint Securities Ltd. Therefore, the ld. CIT(A) found that the increase in the share price from Rs. 500/- to Rs. 6,12,867/- is not justifiable and he confirmed the action of the AO as to reopening of the assessment and also confirmed the addition of Rs. 6,12,367/- as income from undisclosed sources by denying exemption u/s 10(38) of the Act. The Bench taking into consideration of all the aspects discussed by the lower authorities hereinabove finds that the assessee has neither furnished any details of purchasing of shares ..... X X X X Extracts X X X X X X X X Extracts X X X X
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