KUNAL BANKA,RANCHI vs. ITO,WARD-2(3), RANCHI

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ITA 44/RAN/2019Status: DisposedITAT Ranchi04 March 2020AY 2010-113 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted the CBDT's new SOP for examining bogus share transactions and the assessee's failure to prove the genuineness of the transactions. Consequently, the issue was restored to the CIT(A) for fresh adjudication.

What were the facts?

The assessees challenged the lower authorities' decision to treat profits from share sales as bogus unexplained cash credits. The authorities believed the profits were derived in collusion with entry operators due to abnormal price movements and suspicious circumstances.

What were the issues?

Whether the profits derived from the sale of shares were bogus unexplained cash credits, and if the assessee had proven the identity, genuineness, and creditworthiness of these transactions.

Which sections of the Income-tax Act were involved?

Section 143(3)

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Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, RANCHI BENCH “SMC” RANCHI

Before: Shri S.S, Godara

Shri Vinay Goenka, CA आवेदक क� ओर से/By Assessee Smt. Nisha Oraon Singhmarr, JCIT-DR राज�व क� ओर से/By Respondent 04-03-2020 सुनवाई क� तार�ख/Date of Hearing 04-03-2020 घोषणा क� तार�ख/Date of Pronouncement आदेश /O R D E R (Oral) These two assessees’ appeals for assessment year 2010-11, arise against the Commissioner of Income-tax (Appeals) Ranchi’s separate orders dated 19.11.2018 and 26.11.2018 passed in case Nos. CIT(A)/Ranchi/10475, 10474/2016-17 involving proceedings u/s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’; respectively. Heard both the parties. Case file(s) perused.

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