PREETI PANKAJ AGARWAL,MUMBAI vs. INCOME TAX OFFICER 21(2)(5), MUMBAI

This is an appeal preferred by the assessee against the order of the Ld. CIT(A)/NFAC, Delhi dated 17.02.2023 for AY. 2011-12.

At the outset, the Ld. AR assails, the action of Ld. CIT(A) confirming the action of AO making addition of Rs. 1,55,500/- and Rs. 7,775/- on purchase and sale of shares of M/s SVE Resources Ltd. 3. Brief facts are that the assessee is an individual had filed her original return of income on 28.09.2011 declaring total income of Rs. Nil for AY. 2011-12. Later, the case of the assessee was reopened by issuance of notice u/s 148 of the Income Tax Act, 1961 (hereinafter “the Act”) dated 30.03.2018 on the ground that the assessee had transacted in the penny-stock named M/s. SVC Resources Ltd. And AO after re-opening the assessment, heard the assessee and not satisfied with the replies of assessee made an addition of Rs.1,55,500/-