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TMI Blog2023 (1) TMI 724X X X X Extracts X X X X X X X X Extracts X X X X ..... th Kisna Traders Pvt Ltd in the Financial Years(FY) 2014-15 and 2015-16 in respect of the shares referred to in the table. As to how this transaction led the AO to conclude/form an opinion that there was escapement of income is not articulated in the notice issued under Section 148A(b) of the Act. Petitioner, says that this was an online trading and related to a genuine transaction between the petitioner and Kisna Traders Pvt Ltd. In our opinion, the notice issued under Section 148A(b) of the Act should have clearly brought out the allegations against the petitioner. The impugned notices, both under Section 148 and 148A(b) of the Act, as also the order passed under Section 148A(d) of the Act, are set aside, with liberty to the AO to issue a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 15.05.2018, adverts to the following: Sub: Sharing of information of beneficiaries emanating out of survey carried out on 08.11.2017 in case of non-genuine Short Term Capital Gains in scrip M/s Varun Capital Services Ltd. - reg. Please refer to the subject cited above 1. In this regard, please find enclosed herewith survey report in the case of M/s Varun Capital Service Ltd. duly approved by the Pr. CIT-09, New Delhi for necessary action at your end. In this case, the assessee had entered into share transaction with the M/s Kisna Traders Pvt. Ltd. in F.Y. 2014-15 and 2015-16 as below: Name of Beneficiary Date Name of Scrip Quantity Total Amount R.K. Gupta & Sons F.Y. 2014-15 22-09-2014 PAGE INDUSTRIES 75 563208 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication also alludes to the fact that assessee had entered into share transaction with Kisna Traders Pvt Ltd in the Financial Years(FY) 2014-15 and 2015-16 in respect of the shares referred to in the table. 8.1. As to how this transaction led the AO to conclude/form an opinion that there was escapement of income is not articulated in the notice issued under Section 148A(b) of the Act. 9. Mr. Ruchesh Sinha, who appears on behalf of the petitioner, says that this was an online trading and related to a genuine transaction between the petitioner and Kisna Traders Pvt Ltd. 10. As adverted to above, in our opinion, the notice issued under Section 148A(b) of the Act should have clearly brought out the allegations against the petitioner. 11. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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