9911796707
TMI Blog2023 (2) TMI 1330X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent/assessee has filed copy of the paper book which was filed before the Tribunal. From the paper book it is seen that the assessing officer had issued notice u/s 143(2) of the Act and called for certain documents which were submitted by the assessee along with their letter. Tribunal held that only inference that can be drawn is assessing officer having gone through the reply and the supporting material was satisfied with the same and has not preferred to draw any adverse view against the claim of the assessee. In respect of the short term capital loss from the sale of three scrips. Therefore, Tribunal found there was absolutely no justification on the part of the Principal Commissioner of Income Tax to invoke his jurisdiction under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred in quashing the order passed under section 263 of the Income Tax Act, 1961 by Learned Principal Commissioner of Income Tax, as the assessment order under section 143(3) of the Act, passed by the assessing officer is erroneous in so far as it is prejudicial to the interest of the revenue ? ii) Whether on the facts and circumstances of the instant case and in law the Income Tax Appellate Tribunal was justified in granting relief without analyzing and appreciating the facts of the case which related to calming of bogus LTCG/STCL through penny stock and same is falls under the exceptional as specified in Circular No. 23 of 2019 dated 06.09.2019 ? The issue which falls for consideration in the instant case is whether the Principal Commiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the brokers and datawise contract notes. Apart from the said documents copies of the demat statement for the financial year 2013-14 showing delivery received and made was also furnished along with copy of the bank statement showing payments made and received against purchase and sales of shares. After taking note of this document the assessing officer has conducted an elaborate enquiry which was noted by the Tribunal in paragraph 7 of the impugned order. Thus on going through the facts the learned Tribunal held that only inference that can be drawn is assessing officer having gone through the reply and the supporting material was satisfied with the same and has not preferred to draw any adverse view against the claim of the assessee. In res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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