RITU GUPTA,DELHI vs. ACIT CIRCLE 20 (1), NEW DELHI

Heard and perused the record.

None appeared for the assessee. Notices were issued on the last date of hearing through learned DR and report of proof of service has been filed by the Revenue. Accordingly, arguments of learned DR were heard, who supported the findings of learned tax authorities below.

Appreciating the material on record, it can be observed that learned AO has made addition of Rs. 1,13,13,484/- u/s 68 of the Act and disallowance of commission of Rs. 3,39,404/- u/s 69C of the Act on the basis of fact that long term capital gains of Rs. 1,07,13,484/- on sale of shares of M/s Channel Nine Entertainment Ltd. and claim of exemption u/s 10(38) of the Act was found to be not genuine.

It may be appreciated that learned tax authorities below have taken into consideration the antecedents of the assessee, her knowledge of the share market logic or human probabilities. Therefore, learned tax authorities below have concluded it to be a modus operandi to convert unaccounted money into the books of account. There is nothing on record to suggest that observations of learned tax authorities below are against the facts and there is any justification for contradicting the findings. Merely allotment of a public issue or sale of shares on stock exchange on due payment of STT alone does not justify and contradict the conclusions. The grounds have no substance. The appeal is dismissed.