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TMI Blog2025 (5) TMI 809X X X X Extracts X X X X X X X X Extracts X X X X ..... 147 of the Income-tax Act, 1961 [hereinafter referred to as "Act"] dated 29.12.2018 as passed by the ACIT/DCIT - Circle-24(3), Mumbai for the Assessment Year [A.Y.] 2011-12. 2. The grounds of appeal are as under:- 1. THAT the Commissioner of Income tax (Appeals) has erred in law as well as under the circumstances of the case in confirming the error of the Assessing Officer in issuing notice under section 148 of the Income tax Act, 1961. 2. THAT the Commissioner of Income tax (Appeals) has erred in law as well as under the circumstances of the case in passing the order u/s 250 to confirming the error of the Assessing Officer in passing assessment order u/s. 143(3) r.w.s. 147 of the Income tax Act, 1961. 3. THAT the Commissioner of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 4. Before us, the ld.DR has supported the orders of authorities below while the ld.AR has vehemently argued against the action of the ld.CIT(A) in dismissing its appeal. It is claimed that the share transaction was genuine in support of which the assessee furnished various details which were not taken into consideration by the authorities concerned. He submitted that the transactions in question were made through stock exchange market purchases and not through preferential allotments. The details of purchases had been submitted during the assessment proceedings. Sales and purchase of transactions were done through recognized stock exchange where the buyer and seller do not know each other and they transact through a broker on the Stock E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , copy of Demat account at the time of sale of shares. Copy of bank statement showing the payment received from share broker, copy of Global Report for the financial year 2010-11 etc. Thus, he discharged his burden to prove the genuineness of the transaction. It is submitted that once the assessee provided the documentary evidences and explanation to prove the genuineness of the transaction, the onus was on the AO to prove that the evidences and explanations were not valid. Being aggrieved by the order of the Assessing Officer, the assessee preferred appeal with the Commissioner of Income Tax (Appeals) who confirmed all the additions and appeal was dismissed vide a very cryptic and non speaking order. 5. In a written submission made before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rused the records and the legal position emerging from the cited decisions above. It is noticed from the contents of Form no.35 and Statement of Facts as filed alongwith the appeal filed by the assessee before the ld.CIT(A),the assessee had contested reopening of the assessment as also the additions made in respect of the alleged penny stock. As far as merits of the case are concerned, the assessee furnished various evidences showing genuineness of the transaction belying the findings of the AO. Detailed submission was made as also evidences were submitted in the form of copies of Bills in respect of purchase of shares, Demat account at the time of purchase of shares, proof regarding payment by cheques by submitting the copy of bank stateme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction of the ld.CIT(A) in the light of the provisions of the Act relating to powers and duties of CIT(A).A perusal of the provisions u/s 250 of the Act which pertains to the powers of Commissioner of Income Tax(Appeals) that u/s 250(6) of Act, shows that he is obliged to dispose of the appeal in writing after stating the points for determination and to then pass an order on each of the points which arose for consideration and is further obliged to state the reasons for his decision on each such points which arose for determination. He is duty bound to dispose of the appeal through a speaking order on merits, on all the points which arose for determination in the appellate proceedings, including on all the grounds of appeal. Moreover, the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich it was held that AAC has plenary powers in disposing of an appeal; that the scope of his power is co-terminus with that of the ITO, that he can do what the ITO can do and also direct him to do what he failed to do. We draw support from order of Hon'ble Bombay High Court in the case of CIT vs. Premkumar Arjundas Luthra (HUF) [2016] 240 taxman 133 for the proposition that CIT(A) is required to apply his mind to all issues which arise from impugned order before him whether or not same had been raised by appellant before him and that CIT(A) is obliged to dispose of the appeal on merits. In fact, since w.e.f 1st June, 2001 the power of the CIT(A) to set aside the order of the Assessing Officer and restore it to him for passing a fresh order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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