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Income Tax Appellate Tribunal, “SMC” BENCH, AHMEDABAD
Before: SHRI WASEEM AHMED&
PER Ms. MADHUMITA ROY - JM:
The instant appeal filed by the assessee is directed against the order dated 07.05.2018 passed by the Commissioner of Income Tax (Appeals), Gandhinagar, Ahmedabad arising out of the order dated 29.12.2017 passed by the ITO, Mehsana Ward-5, Kadi under Section 143(3) of the Income Tax Act, 1961 (hereinafter referred as to ‘the Act’) for Assessment Year 2015-16. 2. Addition of Rs. 12,31,851/- on account of unexplained investment in shares has been challenged before us. Asst.Year –2015-16 The assessee, is retired employee of Pramukh Swami Science & H. D. Patel Arts College, Kadi executed share transactions through the broker namely Sharekhan Limited. The assessee incurred loss of Rs. 12,31,851/- on sale of shares and paid Rs. 2,30,000/- as per bank statement. The entire amount of 12,31,851/- was added to the total income of the assessee in the absence of any documentary evidences furnished by him to substantiate the transaction entered into by him in respect of sale of shares.
The assessee made an application for consideration of additional evidence filed before us. The plea of the assessee is this that those documents could not be provided to the Revenue by him as those were not available. However, the same have been provided by the broker namely Sharekhan as per advice of his Ld. C.A.
We have heard the respective parties and we have also perused the records including the additional evidence filed before us.
The plea taken by the assessee for not providing those documents before the Revenue seems to be genuine. It further appears that those documents plays an important role in adjudicating the matter in its proper perspective. In that view of the matter we find it fit and proper to remit the issue to the file of the Ld. AO to adjudicate the issue upon taking into consideration those additional documents as filed before us and also any other document which the assessee may choose to file at the time of hearing of the matter. It is further directed that the Ld. AO should give Asst.Year –2015-16 an opportunity of being heard to the assessee while considering the matter afresh.
In the result, assessee’s appeal is allowed for statistical purposes. This Order pronounced in Open Court on 23/02/2021 S d/- (WASEEM AHMED) (Ms. MADHUMITA ROY) ACCOUNTANT MEMBER JUDICIAL MEMBER Ahmedabad; Dated 23/02/2021TANMAY, Sr. PS आदेश क" ""त"ल"प अ"े"षत/Copy of the Order forwarded to : 1. अपीलाथ" / The Appellant
""यथ" / The Respondent. 3. संबं"धत आयकर आयु"त / Concerned CIT 4. आयकर आयु"त(अपील) / The CIT(A)-
"वभागीय ""त"न"ध, आयकर अपील"य अ"धकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाड" फाईल / Guard file.
आदेशानुसार/ BY ORDER,
उप/सहायक पंजीकार (Dy./Asstt.