Held that the shares were purchased in financial year 2010-11 payment of securities transaction tax and service tax besides other charges to the broker. Since, the alleged sale transaction did not take place during the year 2011-12 and nothing had been brought on record in support of the claim of the sale in that year, the transaction could not be treated as bogus. That the Assessing Officer neither mentioned the section under which the addition was made nor issued notice under section 143(2) or even serve proper show-cause notice on the assessee. The order is defective. Credit for tax deducted at source as the CIT(A) has not adjudicated the issue the matter is remanded to the file of Assessing Officer. (AY.2011-12)
Uttam Das v. ITO (2024)116 ITR 55 (SN)(Kol)(Trib)
S. 68 : Cash credits-Long term capital gains-Information from Investigation Wing-Penny stock-Accommodation entries-Purchase in the year 2010-11-No sale during the year-Transaction cannot be assessed as bogus-Failure to mention section in the notice u/s 143(2)-Assessment order is defective-Credit for tax deduction at source-Issue is not adjudicated by Commissioner (Appeals)-The Assessing Officer is directed to verify the claim. [S. 45, 143(2), 143(3)]