2013 (11) TMI 109

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..... record filed by the assessee is taken into consideration. 3. Briefly, the facts of the case are that the Assessing Officer initiated reassessment proceedings u/s. 148 of the IT Act. The AO made addition of Rs.8,99,850/- on account of amount received, which was not recorded in the books of account. The assessee explained before the AO that the amount was received from M/s. Ayushi Stock Brokers through Cheque No. 516121 and 694219 drawn on Federal Bank. This amount was received towards sale of 16000 shares of G.K. Consultants Securities Limited. The assessee purchased these shares from M/s. Motley Securities Pvt. Ltd. in May, 2000 for a consideration of Rs.5,83,628/-. On this purchase and sale of shares, the assessee earned short-term capita .....

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..... see that the assessee made purchase of shares as well as sold the shares through broker. The material on record clearly suggested that the assessee earned short-term capital gains. The explanation of the assessee could not be controverted before the ld. CIT(A). Therefore, the ld. CIT(A) found that since short-term capital gain has been shown in the return of income, therefore, the AO was directed to adopt the same income instead of making addition of Rs.8,99,850/-. 4. The ld. DR relied upon the order of the Assessing Officer. The assessee in paper book filed complete details of purchase and sale of shares and also filed copy of the assessment order of the broker, M/s. Ayushi Stock Brokers for the assessment year under appeal u/s. 143(3) to .....

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..... , it was considered merely as an academic exercise by the ld. CIT(A). Further the other issues raised in the cross-objection have not been decided by the ld. CIT(A). Since the issues now raised in the cross-objection, apart from validity of proceedings u/s. 148, did not arise from the order of ld. CIT(A) and having academic interest only, therefore, we do not find it appropriate to decide these issues at this stage. Both the additions made by the AO on merits have been deleted by the ld. CIT(A). One of the additions deleted by the ld. CIT(A) has been accepted by the Revenue Department and other deletion of addition has been confirmed by us. Therefore, nothing survives in favour of assessee for consideration in the cross-objection. The cross .....

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