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TMI Blog2022 (9) TMI 179X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee are dismissed. - ITA No. 4322/DEL/2019 - - - Dated:- 25-8-2022 - SHRI KUL BHARAT , JUDICIAL MEMBER Appellant by : None Respondent by : Sh. Om Prakash , Sr. DR ORDER PER KUL BHARAT , JM : This appeal, by the assessee, is directed against the order of the learned Commissioner of Income-tax (Appeals)-12, New Delhi, dated 23.01.2019, pertaining to the assessment year 2012-13. The assessee has raised following grounds of appeal: 1. That on the facts and in the circumstances of the case in Law, both the lower authorities ie Ld. AO as well as the Ld CIT (A) has erred in assessing the income of the appellant at Rs. Rs.35,85,620/- instead of Rs. 4,90,640/- as returned. As such, the aggregate additions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eemed to have been paid by the appellant for getting the accommodation entry i.e. long term capital gain is arbitrary, illegal, unjust and against facts and circumstances of case. As such the addition of Rs.30,643/- may please be deleted. (Tax effect of this ground of appeal is Rs. 9,469/-) 6. That on the facts and in the circumstances of the case and in Law, the AO had erred in making additions purely on surmises, conjectures and whims without bringing on record any material evidencing any purported involvement of the appellant in any alleged circular trading or price rigging of shares on account of whom long term capital gain have been added/ assessed. As such aggregate additions of Rs. 30,94,980/- may please be deleted. (Tax effect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 30,94,980/- deserves to be deleted and the initiation of the proceedings may kindly be held as bad in law. (Tax effect of this ground of appeal is Rs. 9,56,349/-). 10. That not prejudice, the Order passed is vitiated on the grounds of natural justice established canons of Law in so far as the A.O. had sacrosanctly relied upon the purported information without independent verification of the same. As such, the proceedings may be held as bad in law and aggregate addition of Rs. 30,94,980/- may kindly be deleted. (Tax effect of this ground of appeal is Rs. 9,56,349/-). 11. We crave leave to add, alter, delete or modify or withdraw any of above grounds of appeal at the time of hearing. 2. At the time of hearing, no one a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ereafter, notice u/s 143(2) of the Act was issued on 24.10.2017 to the assessee. In response thereto, the Ld.AR of the assessee attended the proceedings. The AO noticed that the assessee during the year, has claimed of having earned LTCG in respect of the sale of shares of Blue Print Securities Ltd. The AO found that the transaction was not genuine. Therefore, he was of the view that the assessee has taken it as an accommodation entry and paid commission for such entry. Thus, he made addition of Rs.30,64,340/- in respect of LTCG and Rs.30,643/- in respect of the commission paid on such transactions. 5. Aggrieved against this, the assessee carried the matter before Ld.CIT(A), who after considering the submissions, sustained the addition a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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