ITA No.1044/Ahd/2024

Parties Involved

Facts Summary

The assessee filed return of income for the Assessment Year 2014-15 on 13.09.2015 declaring total income of Rs.8,62,516/-. The assessee was one of the beneficiaries of obtaining accommodation entries and bogus Long Term Capital Gain (LTCG) who has taken accommodation entries of bogus LTCG to the tune of Rs.11,26,400/- on sale of 64,000 shares of M/s. Safal Herbs Limited. The assessee was called for the details for which the assessee has given the details as well as the submission and after taking into account submissions the Assessing Officer made addition of Rs.11,26,400/- as unexplained money under Section 69A of the Act as well as Rs.2,72,175/- under Section 69A of the Act in respect of sale of shares of M/s Excel Castronics Limited. Being aggrieved by the Assessment Order, the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee.…

Legal Issues

• 1. The Ld. CIT(A) has erred in law and in facts in upholding reopening u/s.147 of the Income Tax Act, 1961 by Ld. AO
• 2. The Ld. CIT(A) has erred in law and in facts in upholding addition u/s.69A to the tune of Rs.13,98,575/-

Judgment Outcome

Decided in favour of Assessee.

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