Anju Parekh Vs ITO (ITAT Raipur)
The appeal in Anju Parekh Vs ITO (ITAT Raipur) concerns the assessment year 2013-14, arising from the order of the Ld. CIT(Appeals)/NFAC, Delhi dated 21.11.2023. The assessee contested additions made by the Assessing Officer (AO) relating to Long Term Capital Gains (LTCG) exemption under Section 10(38) and unexplained cash credit under Section 68 of the Income Tax Act, 1961, as well as an ad-hoc commission claimed as expenditure. The appeal also included the submission of additional grounds asserting that the AO and CIT(A) erred in sustaining the additions.
The assessee raised that the addition of Rs.11,84,000 as unexplained cash credit under Section 68 was unsustainable since she had discharged her onus by submitting evidence, which the AO failed to disprove. The assessee contended that the additions were based on conjectures, surmises, or reliance on investigation reports without independent inquiry. She further claimed that no material connected her directly to the alleged manipulation or fraudulent activities of the company whose shares she transacted in. Citations of precedent cases (Adamine Construction P. Ltd., Parasben Kasturchand Kochar, Divyaben Prafulchandra Parmar, Ambalal Chimmanlal Patel, Neelu Mahansaria, Renu Aggarwal, Mamta Rajivkumar Agarwal, and Ziauddin A Siddique) were relied upon to substantiate her claim that additions without direct evidence against her were legally unsustainable.
