Roshniben Sumanlal Kapadia vs The ITO, Ward-5(3)(2), Ahmedabad

Parties Involved

Facts Summary

Roshniben Sumanlal Kapadia, the appellant, filed an appeal against the order passed by the National Faceless Appeal Centre (NFAC), Delhi for the assessment year 2013-14. The grounds of appeal were that the Commissioner of Income Tax (Appeals) erred in upholding the additions made by the assessing officer for Rs 14,49,085 being allegedly unexplained credit on account of trading in shares of Safal Herbs Limited. The appellant claimed that the transactions were genuine, and the shares were sold in the open market with all due compliances. The case was reopened under section 147 of the Act, and the Assessing Officer made an addition of Rs. 14,49,085/- treating the said amount as unexplained cash credit.…

Legal Issues

• 1. Whether the Ld CIT(Appeals) has erred in upholding the additions made by the assessing officer for Rs 14,49,085 being allegedly unexplained credit on account of trading in shares of Safal Herbs Limited.
• 2. Whether the transactions carried out by the appellant in the shares of Safal Herbs Limited are genuine.
• 3. Whether the Id CT(A) has erred in upholding the addition of Rs 14,49,085/- in the income of the appellant.
• 4. Whether the Id. CIT(A) has erred in not allowing business loss as per return of income of Rs 2,58,285/- which is after set off of turnover of Rs 14,49,085/-.

Judgment Outcome

Decided in favour of Assessee.

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