INCOME TAX OFFICER, WARD-1, MEHSANA, MEHSANA vs. LEGAL HEIR OF ARVINDKUMAR SEVANTILAL SHAH, MEHSANA
Income Tax Appellate Tribunal, “SMC” BENCH, AHMEDABAD
Before: DR. B.R.R. KUMAR, VICE-Ms SUCHITRA KAMBLE
PER DR. B.R.R. KUMAR, VICE-PRESIDENT:-
The captioned appeal has been filed by the Revenue against the order passed by the Ld. Commissioner of Income Tax (Appeals)-10,
Mumbai, vide order dated 07.03.2025 relevant to the Assessment Year
2012-13. 2. The Revenue has raised the following grounds of appeal:
(1) The Ld.CIT(A) has erred in law and on facts in deleting the addition of Rs.1,42,200/- considering the investment in Penny Stock namely M/s.VMS
Industries Limited.
Asst. Year : 2012-13
- 2–
(2) The Appellant craves leave to add, later and/or to amend all any the ground before the final hearing of the appeal.
The Revenue made an addition of Rs.1,42,200/- on account of the profit and out of Penny Stock. However, the Revenue absolutely failed to bring on record any iota of evidence that the assessee has indeed purchased and sold stock and received monies in his account. In the absence of any cogent evidence to prove that the assessee has received monies or engaged in the sale of stock, no addition can be made in this case. 4. In the result, the appeal of the Revenue is dismissed.
The order is pronounced in the open Court on 07.10.2025. (SUCHITRA KAMBLE)
VICE-PRESIDENT
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Ahmedabad; Dated 07.10.2025
MV
आदेश की Ůितिलिप अŤेिषत/Copy of the Order forwarded to :
अपीलाथŎ / The Appellant 2. ŮȑथŎ / The Respondent. 3. संबंिधतआयकरआयुƅ / Concerned CIT 4. आयकर आयुƅ(अपील) / The CIT(A)- 5. िवभागीय Ůितिनिध, आयकर अपीलीय अिधकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाडŊ फाईल / Guard file.
आदेशानुसार/ BY ORDER,सहायक पंजीकार (Dy./Asstt.