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Income Tax Appellate Tribunal, DELHI BENCHES “SMC”: DELHI
Before: SHRI BHAVNESH SAINI
This appeal by assessee has been directed against the order of Ld. CIT(A)-21, New Delhi dated 27.03.2018 for AY 2010-11 challenging the addition of Rs. 54,276/-. The AO noted that to verify the AIR/CIB information of share transaction of Rs. 4,67,08,338/-, transaction statement with resulting profit/loss was called from M/s Karvy Stock Broking
2 ITA.No.4127/Del./2018 Ltd. u/s 133(6) of the Act. From the details/documents received from M/s Karvy Stock Broking Ltd., it revealed that resultant profit from the said share transaction was to the tune of Rs. 54,276/- but same has not been considered by assessee while furnishing his return of income. Since the assessee has not declared the said profit in his ITR, same was added to the income of assessee on account of profit from share transactions. The Ld. CIT(A) on the same reasons dismissed the appeal of the assessee.
I have heard assessee in person and Ld. DR. The assessee submitted that some lady in the office of the assessee has misused the transaction and assessee has been cheated by her on the said transaction which was conducted in the name of the assessee. Therefore, no addition should be made.
This itself has no ground to delete the addition. The assessee admitted that transaction was conducted in the name of assessee by some lady of the office of the assessee which resulted into profit. Thus, the assessee earned profit from 3 ITA.No.4127/Del./2018 share transactions of Rs. 54,276/- which was not declared in the return of income. May be the assessee cheated by his colleague in the office is no ground to delete the addition. The appeal of assessee has no merit, the same is accordingly dismissed.
In the result, the appeal of assessee is dismissed.
Order pronounced in the open Court.