INCOME TAX OFFICER, WARD-3(3)(2), AHMEDABAD, AHMEDABAD vs. LAXMIKANT SHANTILAL GAJJAR, AHMEDABAD

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ITA 1863/AHD/2025Status: DisposedITAT Ahmedabad18 June 20263 pages
AI SummaryDismissed

What did the Tribunal hold?

The CIT(A) deleted the addition, observing that the AO wrongly treated sale consideration as unexplained investment and there was no material to show the investment was unexplained. The Tribunal found no infirmity in the CIT(A)'s order.

What were the facts?

The Assessing Officer (AO) treated an amount of Rs. 2,36,145/- as unexplained investment in shares of VAS Infrastructure Ltd. The AO received information that the assessee had made transactions in this penny stock company.

What were the issues?

Whether the sale consideration of shares in a penny stock company can be treated as unexplained investment without any supporting material. Whether the CIT(A) was justified in deleting the addition made by the AO.

Which sections of the Income-tax Act were involved?

Section 69

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” BENCH, AHMEDABAD

Before: Shri Sanjay Garg & Shri Narendra Prasad Sinha

For Appellant: Shri Prithu Parimal, Adv
Hearing: 07/04/2026Pronounced: 18/06/2026

आदेश की �ितिलिप अ�ेिषत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant 2. ��थ� / The Respondent. 3. संबंिधत आयकर आयु� / Concerned CIT 4. आयकर आयु� ( ) / The CIT(A)- अपील 5. िवभागीय �ितिनिध , , अहमदाबाद/DR,ITAT, Ahmedabad. आयकर अपीलीय अिधकरण 6. गाड� फाईल / Guard file.

आदेशानुसार/ BY ORDER,

स�ािपत �ित //True Copy//

सहायक पंजीकार (Asstt. Registrar) आयकर अपीलीय अिधकरण, ITAT, Ahmedabad 1. Date of dictation (dictation pad is attached with file) : 18.06.2026 2. Date on which the typed draft is placed before the : 19.06.2026 Dictating Member. 3. Date on which the approved draft comes to the Sr.P.S./P.S : 4. Date on which the fair order is placed before the Dictating : Member for pronouncement. 5. Date on which fair order placed before Other Member : 6. Date on which the fair order comes back to the : Sr.P.S./P.S. 7. Date on which the file goes to the Bench Clerk. : 8. Date on which the file goes to the Head Clerk. : 9. The date on which the file goes to the Assistant Registrar : for signature on the order. 10. Date of Despatch of the Order :

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