2014 (1) TMI 1915 - HC - Income Tax

Addition u/s 69A - unexplained money - sale proceeds from the transaction of shares amounts to LTCG and STCG - Substantial question of law - HELD THAT - The substantial questions of law arise are (i) Whether the additions made by the AO u/s 69A to the taxable income of assessee, is just and proper ? (ii) Whether the sale proceeds from the transaction of shares amounts to LTCG and STCG when the assessee himself had voluntarily admitted to pay the taxes on the additional income ?

Summary

The Bombay High Court admitted the appeal and framed substantial questions of law regarding additions made by the AO to the taxable income of the assessee under section 69A and the nature of sale proceeds from share transactions. Hearing was expedited.