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TMI Blog2021 (12) TMI 1211X X X X Extracts X X X X X X X X Extracts X X X X ..... . is directed to verify the claim of the assessee and thereafter adjudicate the issue in accordance with law. . Appeal of the assessee is therefore allowed for statistical purpose. - ITA No. 2276/Ahd/2018 - - - Dated:- 23-12-2021 - Shri Rajpal Yadav, Vice President And Ms. Annapurna Gupta, Accountant Member For the Revenue : Shri Sanjay R. Shah, C.A. For the Assessee : Shri S.S. Shukla, Sr. DR. ORDER PER : ANNAPURNA GUPTA, ACCOUNTANT MEMBER:- The present appeal has been filed by the Assessee against the order passed by the Commissioner of Income Tax (Appeals)-4, Vadodara, (in short referred to as CIT(A)), dated 20-09-2018, u/s. 250(6) of the Income Tax Act, 1961(hereinafter referred to as the Act ) pertaining to Assessment Year (A.Y) 2009-10. 2. The solitary ground raised by the Assessee before us reads as under: 1. The Learned Commissioner of Income Tax (Appeals)-4, Vadodara has erred in law and on facts of the case in confirming the addition of ₹ 3,83,445/- as income from Long Term Capital Gains made by the Assessing Officer though there was no such gain earned by the Appellant. 3 During the course of hearing befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... material facts necessary for assessment and the income of ₹ 3,83,445/- has escaped assessment for the A.Y. 2009-10. (P.M. Karve) Dy. Commissioner of Income-tax Anand Circle, Anand Date: 22.03.2016 To the reply filed before the A.O. denying any such investment ,as stated in the reasons, to have been made by the assessee reproduced at Para no. 4 of the assessment order as under: 4. Copy of reasons recorded for initiation of proceedings u/s. 148 of the Income Tax Act was supplied to the assessee on 17.06.2016 and notice u/s. 142(1) along with show cause was issued on 25/11/2016. In response to the show cause, the assessee has submitted her reply which is reproduced as under: We emphatically bring to kind notice that none of the value is invested by us. It is evident from bank statement furnished for verification that there is no such investment. To the written submissions filed before the Ld. CIT(A) reproduced at Para no. 3.2 of the CIT(A) s order denying any claim of long term capital gain made by the assessee or for that matter any such investment having been made by the assessee as under: 3.2. In appeal, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hing is claimed in return of income filed. The facts submitted as follows: (i) Copy of account of Motilal Oswal securities Ltd, alongwith statement showing P L A/c equivalent to ₹ 10,60,985. (ii) Since there is net loss nothing is claimed in return of income, (iii) The assessment order dt. 29/12/2011 is self-explanatory. (iv) The A.O. overlooked and ignored the original assessment proceeding and order and made blind addition in total income. 5. The A.O. gone through above objection and above Setter dt. 11/11/2016 and with cursory remark disposed off the same vide per 4.1 of his order dt. 30/11/2016. (i) As per the information available with this office and information gathered from the various agencies Viz. Motilal Oswal Securities Limited, Mumbai and Bombay Stock Exchange, Mumbai which is placed on records, it is found that the assessee has made various transactions through his Demat account which is held with Motilal Oswal Securities Limited, Mumbai. ii) In view of the above facts, the amount of ₹ 3,83,444/- in respect of Bogus claim of LTCG is treated as undisclosed income and is added U/s. 69 of the Income Tax Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of the Principal Director of Income Tax, (Investigation), Surat. In view of the above facts, the amount of ₹ 3,83,444/- in respect of Bogus claim of LTCG is treated as undisclosed income and is added u/s. 69 of the Income Tax Act, 1961. Accordingly, the same is added to the total income of the assessee. Penalty proceedings u/s. 274 r.w.s. 271(1)(c) of the Income Tax Act, 1961 for concealment of income separately. (Addition of ₹ 3,83,444/-) 8.Our attention was also drawn to the findings of the Ld.CIT(A) upholding the addition without addressing the contentions made by the assessee before it denying out rightly any Long Term Capital Gain having been claimed or for that matter any investment, as stated in the reasons, to have been made by the assessee: 3.3. I have considered the submissions of the learned Authorized Representative and the order of the Assessing Officer. In the appellant case the assessment proceedings u/s. 143(3) for the year has been completed on 29.12.2011 after an addition of ₹ 22,28,450/- u/s 69A of the I T Act. After completion of the assessment the A.O. has received information regarding bogus claim of LTCG f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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