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TMI Blog2023 (9) TMI 476X X X X Extracts X X X X X X X X Extracts X X X X ..... cts and circumstances of the case. It is submitted that the responses could not be filed towards notices issued by Learned CIT (Appeals)during the course of Appellate proceeding only due to circumstances beyond the control of the Appellant as mentioned in the affidavit to be filed. In view of this, the lower authorities may please be directed to hear the appellant again and the addition made of Rs. 3,33,411/- kindly be deleted after fresh verification of details and evidences in the interest of justice. 2. The Learned CIT (Appeals) has erred in law and on facts in confirming the action of A.O. reopening of appellant's case invoking the provisions Section 147 of the Act, as there is no escapement of income on the part of appellant. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epartment shall not altered, unless there is a change in facts and thus sale of shares of VAS Infrastructure Ltd. of Rs. 3,33,411/- shall not be treated as penny stock transaction for this year as well in view of natural justice. The same please be held accordingly. 5. The Order passed by the learned CIT(A) is bad in law and contrary to the provisions of law and facts. It is submitted that the same be held so now." 3. As per the information available in the Revenue Department, the scrip of VAS Infrastructure Limited was found to be a penny stock scrip which has been used by beneficiaries for generating bogus long term capital gains/bogus short term capital loss/bogus business loss entries and it was found that the assessee traded in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Audited Accounts and the income earned therefrom was disclosed in the return of income filed under Section 139 and also filed under Section 148 of the Act. The CIT(A) as well as the Assessing Officer failed to take cognisance of sale value of Rs. 3,33,411/- from VAS Infrastructure Limited. The Assessing Officer as well as the CIT(A) has not given details regarding date of transaction, name of broker, quantity traded etc. and, therefore, the assessee could not give explanation before the Assessing Officer. The assessee has traded through M/s. ASE Capital Market Limited, BMA Wealth Creation Private Limited and Master Capital Service Limited as his share broker, however the transactions are duly reflected in sales of shares and purchase of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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