Bhim Sain Jain, New Delhi vs. ITO, Ward-1(2), Faridabad
In the result, the appeal filed by the assessee is allowed for statistical purposes
ITA 5576/DEL/2018[2014-15]Status: DisposedITAT Delhi11 Jan 2019AY 2014-15
Bench: Shri R.K. Pandaassessment Year: 2014-15 Bhim Sain Jain, Vs. Ito, C/O Kapil Goel, Advocate, Ward-1(2), F-26/124, Sector-7, Faridabad. Rohini. Pan: Abupj6954B (Appellant) (Respondent) Assessee By : Shri Kapil Goel, Advocate Revenue By : Shri P.S. Thuingaleng, Sr. Dr Date Of Hearing : 11.12.2018 Date Of Pronouncement : 11.01.2019 Order This Appeal By The Assessee Is Directed Against The Order Dated 29Th June, 2018 Of The Cit(A), Faridabad, Relating To Assessment Year 2014-15. 2. Although A Number Of Grounds Have Been Raised By The Assessee, These All Relate To The Order Of The Cit(A) In Sustaining The Addition Of Rs.23,70,761/- Made By The Assessing Officer Treating The Long-Term Capital Gain Arising From Sale Of Shares As Income From Undisclosed Sources U/S 68 Of The It Act, 1961. 3. The Facts Of The Case, In Brief, Are That The Assessee Is An Individual & Filed His Return Of Income On 29Th September, 2014 Declaring Total Income Of Rs.17,85,350/-. The Assessee Derives Income From A Proprietary Concern M/S Gomti Food Products.
For Appellant: Shri Kapil Goel, AdvocateFor Respondent: Shri P.S. Thuingaleng, Sr. DR
Section 10(38)Section 68
…mitted that the Assessing Officer has clearly brought on record the modus operandi 6 adopted by the assessee for converting its unaccounted money as tax free income. Relying on the decision of the Hon'ble Supreme Court in the case of Sumati Dayal reported in 214 ITR 801 (SC) and Durga Prasad More, reported in 82 ITR 540 (SC), he submitted that the addition made by the Assessing Officer and sustained by the CIT(A) should be upheld. 11. I have considered the rival arguments made by both the sides and perused the orders of the authorities below. I have also considered the various decisions cited before me. I find…
