Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (10) TMI 1034 - ITAT PUNEGenuineness of purchase of shares - notice u/s.153A - Held that:- Since the assessee was not able to satisfy the revenue authorities with the distinctive numbers of the original shares which were subsequently dematerialised and sold, the lower authorities had doubted the genuineness of the transactions. It is the submission of the learned counsel for the assessee that he is in a position to demonstrate before the AO that the consolidated share certificates received on purchase of the shares in physical form were subsequently splitted into smaller denomination and the splitted shares were sent for dematerialisation and the shares bearing the same distinctive numbers were later sold. In other words, the distinctive number of the shares sold and the shares purchased are the same. Therefore, we, in the interest of justice, deem it proper to restore the issue to the file of the AO with the direction to give an opportunity to the assessee to substantiate with evidence to his satisfaction that the assessee has infact sent the consolidated share certificates to the respective companies for splitting and the distinctive numbers of such splitted share certificates which has gone to the DMAT account and subsequently sold are same. We accordingly restore the issue to the file of the AO for deciding the issue afresh in the light of our above observations and in accordance with law after giving due opportunity of being heard to the assessee. We hold and direct accordingly. The grounds raised by the assessee are accordingly allowed for statistical purposes.
|