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Showing contexts for: Shamim Yahya in Mahavir Roads & Infrastructure, Mumbai vs Dcit Circle-3(4), Mumbai on 8 December, 2021Matching Fragments
Per Shri Shamim Yahya (AM) :-
This appeal by the revenue is directed against the order of learned Commissioner of Income Tax (Appeals)-45 dated 27.06.2019 and pertains to assessment year 2011-12.
2. Grounds of appeal read as under:-
1." On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs.47,288/- as unexplained cash credit u/s68 of the l.T. Act, 1961 in respect of income shown as long term capital gains from sale of shares of M/s. Nivya Infrastructure 85 Telecom Services Ltd. ( S.V. Electricals) which was a penny stock company without appreciating the facts and ignoring the information found by the Investigation Wings."
10. In the result, this appeal by the assessee stands allowed.
Pronounced in the open court on 08.12.2021 Sd/-
(SHAMIM YAHYA) ACCOUNTANT MEMBER Mumbai; Dated : 08/12/2021 Thirumalesh, Sr.PS Copy of the Order forwarded to :
1. The Appellant
2. The Respondent
3. The CIT(A)
4. CIT
5. DR, ITAT, Mumbai