Loading judgment…
No AI summary yet for this case.
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.
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