2018 (1) TMI 1080 - PUNJAB AND HARYANA HIGH COURT

Bogus purchase/sale of shares - Addition on account of sham share transactions - ITAT upholding the order of the CIT(A) deleting the addition - Held that:- Issue raised is to be decided against appellant as relying on The Pr. Commissioner of Income Tax (Central) , Ludhiana Versus Sh. Hitesh Gandhi [2017 (4) TMI 1150 - PUNJAB & HARYANA HIGH COURT] as held AO was not able to contradict the facts regarding purchase of shares and sale thereof. Further, it was recorded that the assessee had sold shares through MTL shares and Stock Broker limited which is a SEBI registered Stock Broker. The payment for sale of shares was received through banking channels. All the documentary evidence being in favour of assessee, the deletion of the addition made by the CIT(A) was correctly upheld by the Tribunal. - Decided against revenue

Addition made on the basis of seized document - ITAT confirming deletion of addition - Held that:- The documents on which the Assessing Officer relied upon in the appeal were not put to the assessee during the assessment proceedings. The CIT (Appeals) nevertheless considered them in detail and found that there was no co-relation between the amounts sought to be added and the entries in those documents. This was on an appreciation of facts. There is nothing to indicate that the same was perverse or irrational. Accordingly, no question of law arises.