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TMI Blog2022 (6) TMI 450X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 143(3) r.w.s. 147 of the Act is liable to be quashed being invalid. As further contended on behalf of the assessee before there learned CIT(A) as well as before the Tribunal, the entire value of share transactions cannot be treated as unexplained investment by the assessee and that too without giving the assessee an opportunity to explain the exact quantum of investment as well as source thereof and the addition so made by the Assessing Officer and confirmed by the learned CIT(A) on account of such unexplained investment allegedly made by the Assessing Officer is not sustainable on merit also. This appeal of the assessee is accordingly allowed. - ITA No. 2163/Ahd/2018 - - - Dated:- 8-6-2022 - Shri P.M. Jagtap, Vice-President ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .s. 147 of the Act vide order dated 21.12.2016. 3. Against the order passed by the Assessing Officer under Section 143(3) r.w.s. 147 of the Act , an appeal was preferred by the assessee before the learned CIT(A) challenging the validity of the said assessment made by the Assessing Officer as well as disputing the addition of Rs.7,92,237/- made therein on account of the bogus claim of the Long Term Capital Gain by treating the same as undisclosed investment under Section 69 of the Act. During the course of appellate proceedings before the learned CIT(A), it was submitted by the assessee that total transactions of Rs.7,92,237/- made by him in the shares during the year under consideration had resulted in a Short Term Capital Loss of Rs.3,6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erm Capital Gain as undisclosed investment of the assessee. Aggrieved by the order of the learned CIT(A), the assessee has preferred this appeal before the Tribunal. 4. In Ground Nos. 1 2, a preliminary issue challenging the validity of the assessment made by the Assessing Officer under Section 143(3) r.w.s. 147 of the Act is raised by the assessee while in Ground Nos. 3 4 the assessee has challenged the addition of Rs.7,92,237/- made by the Assessing Officer by treating the entire value of transactions in shares as bogus Long Term Capital Gain by treating the same as undisclosed investment of the assessee. 5. I have heard the arguments of both the sides and also perused the relevant material available on record. In support of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g inasmuch as the assessee had not earned any Long Term Capital Gain from the entire value of share transactions of Rs.7,92,237/- and what in fact had resulted from that transactions was a Short Term Capital Loss of Rs.3,61,645/- as pointed out by the assessee - specifically before the authorities below. He has contended that the reason as recorded by the Assessing Officer thus was non-existent and the belief entertained by the Assessing Officer on the basis of the said information was wrong and baseless. He has contended that the reopening of assessment on such wrong premises thus was not valid and the assessment completed by the Assessing Officer under Section 143(3) r.w.s. 147 of the Act in pursuance of such invalid reason is liable to b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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