AO justified in treating capital Gain as Income from other sources as no information furnished by Assessee

Vishnunarayan R. Modani Vs CIT (A) (ITAT Mumbai)

Assessee has not furnished any material to show that the share transactions entered by him are genuine transactions. Accordingly, I am of the view that the Assessing Officer was justified in treating the capital gain of Rs.136,812/- and Rs.150,575/- as income under the head ‘income from other sources’ respectively in A.Y. 2008-09 & 2009-10, since the information available with the AO was that the assessee has only availed accommodation entries only.

FULL TEXT OF THE ORDER OF ITAT MUMBAI

Both the appeals filed by the assessee are directed against the orders passed by learned CIT(A), National Faceless Appeal Centre, Delhi and they relate to A.Y. 2008-09 & 2009-10.

2. In both the appeals, the assessee is aggrieved by the decision of learned CIT(A)

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