SMT. SUNITA CHOUDHARY,RANCHI vs. ITO,WARD-3(1), RANCHI

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ITA 59/RAN/2019Status: DisposedITAT Ranchi04 March 2020AY 2015-162 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal acknowledged the CBDT's new Standard Operating Procedure (SOP) for examining alleged bogus share transactions. Considering this development, the Tribunal decided to restore the issue to the CIT(A) for a fresh adjudication.

What were the facts?

The assessee's appeal concerns the assessment year 2015-16, challenging the lower authorities' decision to treat profits from share sales as bogus unexplained cash credits. The Assessing Officer and CIT(A) relied on abnormal price movements and suspicious circumstances to deem the transactions invalid.

What were the issues?

Whether profits from share sales amounting to Rs. 15,79,021/- are bogus unexplained cash credits. The applicability of the CBDT's SOP for examining such transactions.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, RANCHI BENCH “SMC” RANCHI

Before: Shri S.S, Godara

Shri S.N.Rajgarhia, FCA अपीलाथ� क� ओर से/By Appellant Shri Ajay Kumar Addl.CIT-DR ��यथ� 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) This assessee’s appeal for assessment year 2015-16, arises against the Commissioner of Income-tax (Appeals)-Ranchi’s order dated 02.11.2018 passed in case No.CIT(A), Ranchi/10155/2017-18, involving proceedings u/s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file(s) perused.

2.

This assessee’s sole identical substantive grievance canvassed in the instant lis challenges correctness of both the lower authorities’ action treating the alleged profits derived from sale of shares amounting to Rs.15,79,021/- as bogus unexplained cash credits; during the course of assessment as upheld in the lower appellate proceedings. The Assessing Officer and the CIT(A) take into account the corresponding scrips’ upward / downward abnormal price movement coupled with the alleged taking suspicious circumstances and entry operator’s involvement to apply hon’ble apex

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