9911796707
TMI Blog2022 (6) TMI 1000X X X X Extracts X X X X X X X X Extracts X X X X ..... e corresponding assessment year. However, we find that the AO has determined the income under the provisions of section 69 with respect to the transactions carried out by the assessee in the earlier year and not in the year under consideration. The act of the revenue authorities is unwarranted under the provisions of law. Accordingly, we set aside the finding of the learned CIT (A) and direct the AO to delete the addition made by him. - ITA No. 1320/AHD/2019 - - - Dated:- 8-12-2021 - SHRI RAJPAL YADAV, VICE PRESIDENT AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER Assessee by : Shri Prakash D. Shah, A.R Revenue by : Shri Urjit Shah, Sr.D.R ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER: The captioned appeal has been filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .00 under section 69 of the Act representing the loss on the sale of shares of Swarsarita Gems Limited (for short SGL) 4. The facts in brief are that the assessee in the present case is an individual and filed his return of income under the head other sources. The AO during the assessment proceedings found that the assessee has shown a loss of Rs.3,95,380.00 through the trading in shares/scripts of SGL. As per the AO, the shares of SGL were representing the penny stock listed on the Bombay stock exchange. However the assessee has not disclosed such loss in the income tax return. According to the AO the shares of SGL were used to facilitate the introduction of unaccounted income of certain beneficiaries in the form of exempted long-term c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year 16in accordance with, and 17[subject to the provisions (including provisions for the levy of additional income-tax) of, this Act] in respect of the total income16 of the previous year 18[***] of every person : Provided that where by virtue of any provision of this Act income-tax is to be charged in respect of the income of a period other than the previous year, income-tax shall be charged accordingly. 9.1 On a plain reading of the above provision, it is transpired that income tax shall be charged for the previous year to which the income relates/in which income accrues. Thus the scheme of the Act provides that the inco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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