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TMI Blog2014 (2) TMI 645X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of the assessee and were not part of list of closing stock submitted by the assessee - in the list of shares of closing stock prepared on estimated basis and on actual basis there is significant difference between the valuation of certain scripts though the quantities in both lists remained same - valuation of certain scripts were reduced to accommodate the valuation of additional scripts found in the Demat Account of assessee - This aspect of lower valuation has not been examined by CIT(A) – thus, the matter remitted back to the CIT(A) who would require the assessee to file copy of Demat Account of assessee with M/s Divya Portfolio Pvt. Ltd. – Decided in favour of Revenue. - I.T.A. No.1765/Del/2010 - - - Dated:- 7-2-2014 - Shri I. C. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . and M/s Vogue Commercial Co. Ltd. and therefore the assessee was required to file her copy of Demat Account maintained with these two brokers. From the copy of Demat Account maintained by the assessee with these two share brokers, the Assessing Officer came to the conclusion that there were certain scripts in the Demat Account which were not declared by the assessee as part of her closing stock. Therefore, the assessee was asked to explain the same. The assessee submitted her explanation as reproduced below:- "In response to this query raised, the assessee filed written reply dated 29.12.2009 which is submitted as under:- "As pointed out in the previous hearing of the above said on dated 24.12.2009, your goodself said that there is di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stock with the appellant as per the transaction statement issued by the National Security Depository Ltd. (NSDL) on 18.12.2009 in respect of the share broker, M/s DP Vogue Commercial Co. Ltd. New Delhi. After the verification of the detailed transactions of share dealing with the appellant in question, I find that there is no discrepancy or difference as per the stock shown by the depository and the stock by the appellant. The transaction statement of the depository account is an authentic and certainly reliable source of information which was produced before the Assessing Officer but he ignored such valid evidence in support of the share holding as on 31.3.2007 which is not proper or tenable in law. The assessee like the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der of Ld CIT(A) be set aside and that of Assessing Officer be restored. 8. The Ld AR, on the other hand submitted that assessee had lost the file containing details of closing stock and therefore she had submitted the list of closing stock on estimated basis. Our attention was invited to paper book page 12 to 23 containing transactions statement issued by National Security Depository Ltd (NSDL) wherein the scripts-wise position of shares as on 31.3.2007 was placed. Our attention was also invited to paper book page 24 wherein the valuation of shares as per quantity reflected in statement of NSDL was placed. In view of the above it was explained that the total valuation of closing stock remained same at Rs.17,53,191.31 whereas there was di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entioned number and names of scripts which were in the Demat Account of the assessee and were not part of list of closing stock submitted by the assessee. It is possible that assessee did not bring to the notice of Ld CIT(A) the Demat Account with M/s Divya Portfolio Pvt. Ltd. and therefore the Ld CIT(A) on the basis of entries in the Demat Account with Vogue Commercial Co. Ltd. allowed the relief. The NSDL statement as relied upon by Ld AR is also in respect of broker M/s Vogue Commercial Co. Ltd. and NSDL statement of assessee through broker M/s Divya Portfolio (P) Ltd. is not on record and was not brought to the notice of Ld CIT(A). Moreover, we observe that in the list of shares of closing stock prepared on estimated basis and on actual ..... X X X X Extracts X X X X X X X X Extracts X X X X
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