SURJIT SINGH BAGGA HUF,MUMBAI vs. ITO 17(1)(1), MUMBAI

This appeal filed by the assessee on 28.1.2016 is against the order of the CIT (A)-32, Mumbai dated 20.11.2015 for the assessment year 2006-07.

In this appeal, assessee raised five grounds in toto and they revolve around the solitary issue relates to the decision of the AO / CIT (A) in taxing the earning on sale of shares of Talent Infoway Ltd involving some disputes under the head income from other sources. On this issue, Ld Counsel for the assessee fairly submitted that the decision of the AO is linked to the statement of Shri Mukesh Choksey, which was subsequently retracted and therefore, the claim of the assessee should be accepted as claimed in the return of income without any changes. However, bringing our attention to the contents of CBDT Circular no.6/2016, dated 29.2.2016, Ld Counsel for the assessee submitted that the claim of the assessee in the books of accounts assumes significance in the light of the said Circular.