Amish Manubhai Brahmbhatt vs. ITO

Parties Involved

Facts Summary

The assessee, Amish Manubhai Brahmbhatt, is an individual engaged in the business of share trading and income from other sources. For the Assessment Year 2012-13, the assessee filed his original Return of Income declaring total income of Rs.3,62,340/-. The assessment was reopened based on information received from the Mumbai Investigation Directorate, leading to a search and seizure action against Shri Naresh Jain and his associates. The assessee was found to have traded in the scrip of Scan Steels Ltd. and sold shares amounting to Rs.13,56,587/-, which was deemed a sham transaction. The assessee was issued a show cause notice to make an addition of Rs.10,07,173/- on the transaction carried out in the scrip of Scan Steel Ltd. The assessee appealed against the order passed by the Commissioner of Income Tax (Appeals), which was dismissed. The assessee further appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the learned CIT(A) erred in law and on facts in passing the order u/s. 143(3) of IT Act, 1961.
• 2. Whether the learned CIT(A) erred in making addition of Rs.10,07,173/- u/s. 68 of the IT Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

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