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TMI Blog2024 (12) TMI 377X X X X Extracts X X X X X X X X Extracts X X X X ..... ised by the assessee are as under: "1. On the facts and in the circumstances of the case as well as the law on the subject, the learned Commissioner of the Income Tax (Appeals) has erred in confirming the action of the Assessing Officer in making addition of Rs. 48,78,356/ on account of alleged unexplained investment. 2. On the facts and in the circumstances of the case as well as the law on the subject, the learned Commissioner of the Income Tax (Appeals) has erred in confirming the action of the Assessing Officer in the assessee has purchased some shares of "M/s Comfort Fincap Ltd." amounting to Rs. 63,239.45 and sold them at Rs. 66,446.52 and made a Short-Term Capital Gain/(Loss) amounting to Rs. 3,207.07 during A.Υ. 2014-15. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... operandi in para 4 of assessment order. At para 4.2, he has stated that the assessee had purchased shares of M/s Comfort Fincap Ltd. of Rs. 48,78,356/- though online/offline mode. He issued show cause as to why the above amount should not be added to the total income of the assessee. The reply of assessee is at para 4.3 wherein it was stated that there are five instances of purchase and sale of the above shares on the same day and the total purchase value of purchases was Rs. 63,239.49/- and total sale value was Rs. 66,446.52/-. The assessee earned STCG of Rs. 3,207/- only. This explanation was not accepted by the AO. At para 4.5, he has stated that as per information from Investigation Wing, Kolkata, the assessee had purchased total value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e other hand, Learned Senior Departmental Representative (Ld. Sr. DR) of the revenue supported the order of lower authorities. 7. We have heard both the parties and perused the materials available on record. We have also carefully perused the appellate order in case of Shabanabibi Mohammedistiyak Patel (supra) where the appeal of the said assessee was allowed. In the present appeal, the addition was made by AO and confirmed by CIT(A) on the ground that assessee had made investment of Rs. 48,78,356/- in the shares of M/s Comfort Fincap Ltd., which is a penny stock. The information in this regard was received from Investigation Wing, Kolkata. The assessee in his reply before AO has submitted that he had made total purchase of Rs. 63,239/- on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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