9911796707
TMI Blog2015 (10) TMI 1472X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO. Accordingly the impugned order is set aside and the case is remanded back to the file of the AO to be adjudicated afresh in accordance with law, after providing due and reasonable opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes. - ITA No. 1005/Del./2015 - - - Dated:- 26-8-2015 - Sh. N. K. Saini, J. For The Appellant : Sh. Rajesh Jain, C.A. For The Respondent: Smt. Parwinder Kaur, Sr. DR ORDER PER N.K. SAINI, A.M. This is an appeal by the Assessee against the order dated 25.09.2014 of the Ld. CIT(A)-XXIV, New Delhi. 2. Following grounds have been raised in this appeal :- 1. That the learned C.I.T.(Appeal) erred in upholding the order of the Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm Capital gain as Short Term Capital Gain. 4. The facts of the case in brief are that the assessee filed the return of income on 24.3.2009 declaring an income of ₹ 5,20,902/- which was processed u/s 143(1) of the IT Act, 1961 (hereinafter referred to as the Act) on 17.3.2010 at the returned income. Later on, the case was selected for scrutiny. 5. During the course of assessment proceedings the AO noticed that the assessee made a cash deposit of ₹ 3,91,000/- in the Bank Account maintained with Allahabad Bank and ₹ 1,00,000/- in the bank account with ICICI Bank, Razouri Garden, New Delhi. According to the AO, the Assessee failed to explain the source, therefore the addition of ₹ 4,91,000/- (3,91,000/- + ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n different dates in the banks. It was further stated that the assessee had income as Long Term Capital gain on the sale of shares of Syndicate Bank which were acquired directly from the bank by way of initial public offer and subsequently sold during the relevant assessment year. The assessee furnished copies of account of shares certificate, payment of security transaction tax, demat account etc which could not be submitted before the AO and requested to admit under Rule 46A of the Income Tax Rules. The ld. C.I.T.(A) forwarded the additional evidences to the AO for his comments. In response, the AO submitted his remand report dated 19.10.2012, however, the ld. C.I.T.(A) confirmed the addition made by the AO. Now the assessee is in appeal. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
