Case Law Details
ITO Vs Kalpesh C. Shah (ITAT Mumbai)
Conclusion: The ITAT deleted the additions made under Section 68 and 69C on the reasoning that AO was unable to establish links between the evidence collected.
Facts: In present facts, appeals were filed by the Revenue are directed against three separate orders, each dated 19/04/2022, passed by the National Faceless Appeal Centre (NFAC), Delhi for assessment year 2010 – 11; 2011-12 and 2012 -13 respectively.
In assessment year 2011 -12 deletion of the (a) addition under section 68 of the Income -tax Act, 1961 (in short ‘the Act’) of ₹2,34,00,000/- and (b) addition under section 69C of the Act of ₹27,00,000/- has been challenged. Similarly in assessment year 2012-13, deletion of (a) addition under section 68 of ₹2,30,47,000/- and (b) addition under section 6 9C of ₹45,000/ – have been challenged by the Revenue.
The assessee, is an individual having proprietary concern i.e. M/s Aatash Investments, was engaged in the business of trading in equity and derivatives and advisory services with respect to capital market and investment. For the year under consideration i.e. assessment year 2010-11, the assessee filed regular return of income on 28/09/2010 declaring income of ₹20,18,000/- The assessment under section 143(3) was completed on 28.12.2012 by assessing total income at ₹20,74,000/-.
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