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7.4 Likewise we also note that the assessee in the statement of facts filed before the learned CIT (A) has clearly stated that the AO has made addition of ₹ 85,65,026.00 representing the gross amount of shares purchased and sale in intraday during the year 2009-10. This information was very much available before the learned CIT (A). However the learned CIT (A) has not taken the note of it while framing the order. Indeed, the learned CIT (A) has been empowered under the statute to reject the appeal if it was filed beyond the prescribed time until and unless sufficient reasons have been furnished to this effect by the assessee. But at the same time the learned CIT (A) cannot escape from the duties of charging the tax on the correct income. In our considered view, the gross amount of share transaction cannot be treated as income of the assessee.