Case Law Details
Lilaben Bhagabhai Patel Vs ITO (ITAT Ahmedabad)
CIT(A) has categorically observed that the print out of share trading from the brokers related to share transaction statement was unsigned documents and the Assessing Officer has taken the loss on the basis of information provided by National Stock Exchange, Bombay. It is pertinent to note that the assessee was not confronted by the Assessing Officer related to the information received from National Stock Exchange despite assessee’s request to give sufficient time for responding the same. In fact, it appears that the loss suffered by the assessee is lesser and the contention of the assessee is loss of Rs.8,41,993/- does not pertain to A.Y. 2010-11 needs verification. Therefore, it will be appropriate to remand back this issue to the file of Assessing Officer for proper verification and adjudication and, thereafter, decide the issue as per the evidences provided by the assessee. Needless to say the assessee be given opportunity of hearing by following the principles of natural justice. Appeal of the assessee is partly allowed for statistical purpose.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
This appeal is filed by the Assessee against the order dated 12.04.2019 passed by the CIT(A)-1, Ahmedabad for the Assessment Year 2010-11.
2. The assessee has raised the following grounds of appeal :-
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