9911796707
TMI Blog2020 (4) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... ra from the judgment of Hon ble Karnataka High Court, it is seen that matter was restored back to the file of the AO for fresh decision - Assessee s appeal is allowed for statistical purposes. - ITA No.1569/Bang/2019 - - - Dated:- 21-1-2020 - Shri Chandra Poojari, Accountant Member For the Appellant : Sri.Rohit Gowthamchand, CA For the Respondent : Sri.Ganesh R.Ghale, Standing Council for DR ORDER This appeal filed by the assessee is directed against the order of the CIT(A), dated 30.04.2019. The relevant assessment year is 2015-2016. 2. Briefly stated the facts of the case are that the assessee is an individual having income from business, house property, capital gains and other sources. The assessee had filed his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad been manipulated and SEBI had issued directions to suspend their trading considering them as 'penny stock scripts' w.e.f., 04.03.2015. The Assessing Officer had also recorded a sworn statement of the a assessee u/s 131 of the Income Tax Act, 1961 where the assessee had clarified the transaction being bonafide and genuine. The Assessing Officer then issued a Show Cause Notice for treating the gain earned as 'Unexplained Cash Credits u/s 68 for which the assessee reiterated and clarified that the transactions made by him were bonafide and carried out through banking channels. Further, all documentary evidences were furnished to prove the genuineness of the transaction. The hike in the share prices of M/s. Midland Polymers Limi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he exemption of ₹ 15,77,000 under section 10(38) of the Act. 4. Aggrieved by the order of the CIT(A), the assessee has come in appeal before the Tribunal, raising following grounds:- 1. The order of the learned Assessing Officer, in so far against the appellant is opposed to law, equity, weight of evidence, probabilities and the facts and circumstances in the Appellant's case. 2. The appellant has provided all documentary evidences to prove the genuineness of his transactions and thus has shifted the burden of proof on the department. The learned assessing officer has however, been unable to prove its stance. 3. The appellant denies to be assessed on an income over and above the returner income of ₹ 13,72,42 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Investigation wing which has no nexus to the appellant's case has and disregarded all the documentary evidences and proofs furnished before him. 8. The learned Income Tax Officer has erred in assessing the gain of the appellant u/s 68 Unexplained Cash Credits of the Act,1961 whereas the particular transactions of the appellant does not fulfil any of the pre-requisite conditions that are required to levy the provisions of that section. 9. The learned AO had made a few erroneous statements and observations in his Assessment Order based on which the Learned Commissioner of Income Tax (Appeals) also confirmed the addition. However, the statements made were untrue thus, deluding the judgement of the Commissioner (Appeals). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kesh Choksi and other related details. As per the facts noted by the High Court in the earlier paras of judgment (supra) and as per the facts of the case on hand, there appears to be no difference in facts and therefore by respectfully following this judgment in the case of Chandra Devi Kothari (Supra), I set aside the impugned orders of learned CIT(A) for Assessment Year 2008-09 and restore the matters to the file of the AO for fresh decision with the same directions as were issued by the Hon ble Karnataka High Court in the case as per Para No.8 of the judgment reproduced above. In view of this decision, no adjudication is called for at this stage regarding the merits of the addition. 6. In view of the above order of the Tribunal, I i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
