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TMI Blog2024 (8) TMI 1498X X X X Extracts X X X X X X X X Extracts X X X X ..... DR ORDER Per : Narender Kumar Choudhry, Judicial Member: This appeal has been preferred by the Assessee against the order dated 30.10.2023, impugned herein, passed by the Ld. Principal Commissioner of Income Tax (in short Ld. PCIT) under section 263 r.w.s. 254 of the Income Tax Act, 1961 (in short 'the Act') for the A.Y. 2011-12. 2. In the instant case, the Assessing Officer (AO) vide orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee for obtaining the bogus LTCG, after conducting all necessary enquiries and verifications as circumstances warrant in this case and after giving sufficient opportunity to the Assessee of being heard before the passing a speaking order. 3. The Assessee, being aggrieved, is in appeal before us. The Assessee at the outset submitted that according to the judgment passed by the Hon'ble High Court o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h showed that there was any discrepancy or falsity in evidences furnished by the Assessee then the order of AO cannot be set aside for making deep enquiry only on presumption and assumption that something new may come out. The Assessee further drew our attention to the statement of the Assessee recorded by the AO wherein the Assessee has categorically submitted that he is a chartered accountant an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ord. Admittedly, the appeal against the main addition of Rs.4,52,57,410/- on account of disallowance of LTCG is pending before the CIT(Appeals) and therefore in view of the decision rendered by the Hon'ble High Court in the case of Smt. Renuka Philip (supra) wherein it was held that the assumption of jurisdiction u/s 263 of the Act on a smaller issue, based on the larger issue is un-sustainable, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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