Case Law Details
Sara Investments Vs ACIT (ITAT Delhi)
The contentions of the assessee are that the assessee firm was holding less than 10% of shares in SSPL. It had paid for 9.38% of the shares only which are held in the name of partner Mr. V.K. Dhawan and the partners are holding the shares in their personal capacity, also for which they have made their own payments. It is also the contention of the assessee that typographical error crept in the valuation report of SSPL. If these contentions are found to be factually correct on verification, the occasion for the impugned addition will not arise. In the interest of justice and fair play, we therefore, restore the matter back to the file of the Ld. AO to consider the contentions of the assessee afresh and decide the issue in the light of the result of his verification, in accordance with law, after giving reasonable opportunity of being heard to the assessee.
FULL TEXT OF THE ORDER OF ITAT DELHI
The appeal by the assessee arises out of the order dated 18.09.2017 of the Ld. Commissioner of Income-tax (Appeals)-11, New Delhi [“CIT(A)”], pertaining to the assessment year 2014-15.
2. The assessee is a firm of five partners, engaged in the business of dealing in investment of shares, securities, bonds, units of mutual funds etc. It e-filed return of income for the assessment year 2014-15 declaring income of (-) Rs. 1,73,75,273/- on 27.09.2014. The case was selected for complete scrutiny.
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