Shri Brijendra Garg vs. ITO, Ward- Bhiwadi, Bhiwadi

Parties Involved

Facts Summary

The assessee, Shri Brijendra Garg, filed an appeal against the order of the lower appellate authority, the ld.CIT(A), dated 11-01-2023, for the assessment year 2011-12. The assessee challenged the order of the ld.CIT(A) for confirming the action of the AO in reopening the case, treating the sale of listed equity shares as bogus, making additions for undisclosed expenditure, and making additions for cash deposited by the assessee. The assessee argued that the AO and ld.CIT(A) disregarded documentary evidence submitted and relied solely on information provided by the investigation wing. The assessee claimed that the company in which he traded had undergone a name change, and he had incurred a loss on the sale of shares, not a gain. The assessee also argued that the cash deposited by him originated from his wife's personal savings, which falls within the acceptable threshold for cash holdings in an Indian household.…

Legal Issues

• 1. Reopening of the case under section 147 of the Act
• 2. Treatment of sale of listed equity shares as bogus transaction
• 3. Addition of undisclosed expenditure
• 4. Addition for cash deposited by the assessee

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

• Shresth Dealers Pvt. Ltd. vs. DCIT, CC-4(1), Kolkata

  SMC Bench, Kolkata benchAY 2014-2015Allowed

• M/s Keynesian Financial Services Ltd. vs. DCIT, Circle-7(1)

  Kolkata benchAY 2013-14Allowed

• Arvind Bhaguji Kangane Vs DCIT, Circle – 27(1), Mumbai

  Mumbai benchAY 2016-2017Allowed

• Bharti Chirania vs. DCIT, Circle - 23(1)

  Mumbai bench

• Gaurav Singhal Vs. The I.T.O

  Delhi ‘C’ Bench benchAY 2014-15Allowed

• Shri. Sargod Venkatappa Gowda Subramanya vs. ITO

  Bangalore benchAY 2016-17Allowed