ITO, WARD-2, HANUMANGARH vs. SMT. LALITA SARAF , HANUMANGARH TOWN

In the result, the appeals of the Department are dismissed and the Cross objections of the assessees are allowed

Bench: Shri N.K. Sainithe Income Tax Officer, Vs Smt. Lalita Saraf, Ward-2, Hanumangarh C/O Mangi Lal Saraf, In Front Of Mandi Studio, Hanumangarh Town

capital gains, application of share money or introducing money as gift rather all the purchases and sales were vouched and the accounts were supported by the stock register. Thus, there was no case for invoking the provisions of section 145(3) of the Act at the level of the Assessing Officer who had not found any hidden profit, therefore