TMI Blog2023 (6) TMI 569X X X X Extracts X X X X X X X X Extracts X X X X ..... details/statement of ICICI Direct regarding loss on sale of shares on ICICI Direct platform. However, the same was not admitted and referred to the file of AO for his observations. CIT(Appeals) has erred in facts and law in not allowing opportunity of assessee to place on record the relevant facts/information in support of its case. Counsel has also filed certificate from Punj Lloyd to the effect that the assessee was working as General Manager, Malaysia with the aforesaid concern during the period under consideration, and accordingly, the source of investment in the shares of Infosys Tech was duly explained. No addition is called for - Decided in favour of assessee. - I.T.A. No. 19/Rjt/2022 - - - Dated:- 9-6-2023 - Smt. Annapurn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provided by the ICICI Securities Ltd. (Brokering Firm) and the details of such shares (Acquisition Cost, Date of purchases, and Capital Loss out of sales of such shares) was maintained by the Brokering firm (ICICI -Securities Ltd.) has submitted. 5. On presumption the Ld. A.O. has considered entire investment in shares as Capital Income' However, actually there is a 'Capital Loss' 6. The Ld. A. O. erred in levying penalty proceedings u/s. 271 (1)(c) of the Act without appreciating the fact that the appellant denies his liability to the same. 7. During the course of Assessment the appellant has submitted all the documents related to his status of NRI and sources of Income, the Investment was made in shares out of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 23-3-2020 that the period of limitation in filing petitions / applications / suits / appeals / all other proceedings, irrespective of the period of limitation prescribed under the general or special laws, shall stand extended with effect from 15-3-2020 till further orders. The suo motu proceedings were, disposed of issuing the directions as to in computing the period of limitation for any suit, appeal, application or proceeding, the period from 15-3-2020 till 14-3-2021 shall stand excluded. Consequently, the balance period of limitation remaining as on 15-3-2020, if any, shall become available with effect from 15-3-2021. Thereafter, in the case of Cognizance for Extension of Limitation, In re [2022] 134 taxmann.com 307 (SC) , held that i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of investment, the AO treated the investment to be unexplained and assessment was completed determining the total income of ₹ 8,83,030/-. 5. In appeal, the assessee submitted that the assessee had incurred short-term capital loss of ₹ 56,664/- on purchase and sale of shares of Infosys Tech. As additional evidence, the assessee furnished statements of share transactions with ICICI direct, during the impugned year under consideration. However, the Ld. CIT(Appeals) dismissed the appeal of the assessee on the ground that the assessee has not shown that purchase of shares were out of his income earned outside of India and further he declined to send the additional evidence filed by the assessee, with respect to purchase and sale o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this additional evidences (print outs of icicidirect.com) to the AO under Rule 46A of Income Tax Rule may not serve any fruitful purpose. It is also noted that the appellant has not shown that the purchases of shares were out of his income earned outside India. 5.5 Under the circumstances I find no basis to interfere with the assessment made. The addition is confirmed. 6. The assessee is in appeal before us against the aforesaid order passed by Ld. CIT(Appeals) dismissing the appeal of the assessee. Before us, the counsel for the assessee submitted that Ld. CIT(Appeals) has erred in facts and in law in not referring the additional evidence regarding short-term capital loss on sale of shares of Infosys Tech (which was done on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et aside. 7. In response, the Ld. DR placed reliance on the observations made by the Ld. CIT(Appeals) and Assessing Officer in their respective orders. 8. We have heard the rival contentions and perused the material on record. Firstly, we observe that during the course of appellate proceedings before Ld. CIT(Appeals), the assessee had sought to file details/statement of ICICI Direct regarding loss on sale of shares on ICICI Direct platform. However, the same was not admitted and referred to the file of AO for his observations. Accordingly, in our considered view, Ld. CIT(Appeals) has erred in facts and law in not allowing opportunity of assessee to place on record the relevant facts/information in support of its case. Secondly, we obs ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
