2020 (6) TMI 665

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... MAHARISHI, A. M. : This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals)-38, New Delhi, for assessment year 2010-11 dated 18th February, 2019 wherein the appeal of the assessee is dismissed. The assessee approached before the ld. CIT (Appeals) against the addition of Rs. 8,61,742/- made by the Income Tax Officer, Ward 63 (3), New Delhi, as per order d .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of them were responded by the assessee. Therefore, he issued notice under Section 133(6) of the Act to the National Stock Exchange. It was found that assessee purchased shares of Rs. 56,19,019/- and sold shares of Rs. 63,80,760/-. Thus capital gain of Rs. 7,61,742/- was earned. Assessing Officer further issued notice giving final opportunity to the assessee which was also not responded. Therefo .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rtmental Representative were heard on this matter extensively. 7. We have heard rival contentions and perused the orders of the lower authorities. The facts shows that case of the assessee was re-opened for nondisclosure of profit on transactions at National Stock Exchange platform carried out by the assessee. Four Notices were issued by the Assessing Officer before 31st October, 2017. Assessee d .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... and upheld the order of the Assessing Officer. In fact in the above circumstances it is apparent that assessee could not get proper opportunity of explaining transactions before the lower authorities. We have given an offer to the learned Authorized Representative to explain the transaction before the lower authorities by placing the accounts of the broker, the bank statement etc. with which he r .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ppear before AO with relevant information. Assessee is free to raise all the issues including the issue of re-opening of assessment and additions on the merit before the AO. The ld. Assessing Officer may consider the same and decide the issue afresh after dealing with the objections of the assessee against re-opening of the assessment. In view of this the appeal of the assessee with all its ground .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X