2013 (2) TMI 98 - ALLAHABAD HIGH COURT

Treating entire sale proceed as long term capital gains - as per AO transaction could not be regarded as genuine sale and purchase of shares - Held that:- CIT (A) after considering entire evidence of record found that purchase and sale transactions were proved. He further found that payment of the sale price was made to the assessee through bank channel and not in cash as such the transactions are actual transactions and not a fictitious accommodation entries. The sale transactions cannot be disbelieved only for the reason that the assessee could not give the identity of the purchasers. Arguments of the Senior Standing Counsel in this respect is not liable to be accepted.