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2016 (7) TMI 1282 - AT - Income TaxDenial of long term capital gain - assessee was not able to give reply as to why the shares were purchased and how the shares had risen so many times - Held that:- We find that the assessee had purchased shares in the month of April/ May, 2006 as noted by the learned CIT(A). The shares were purchased in Asst. Year 2006-07. Further the shares were got dematerialized and the same were created in the account of assessee maintained with HDFC bank. The assessee also received dividend on such shares on 23.10.2007 and such dividend was claimed as exempt and Assessing Officer did not raise any objection against the claim of such dividend. CIT(A) has noted in his order that in the remand report Assessing Officer was not able to contradict any of the facts regarding purchase of shares and regarding sale of shares. It is further observed that assessee had paid STT on the sale of such shares and this fact has been noted by learned CIT(A) in his order. Further, we find that while making out the addition on account of capital gain the Assessing Officer himself gave credit to assessee for indexed cost of acquisition to the extent of ₹ 11,67,821/- taking the purchase price at ₹ 11,00,000/-. Further, we find that assessee had sold shares through MTL shares and Stock Borkers Ltd. as is noted by Assessing Officer in reply to question No.24 which is a SEBI registered Stock Broker. Furthermore the payment for sale of shares was received through Banking Channels. All these documentary evidences in favour of the assessee were rejected by Assessing Officer merely on the basis of some casual replies given by assessee to the Assessing Officer. However, the fact remains that all the documentary evidences are in favour of assessee and learned CIT(A) has passed a very reasoned and speaking order and we do not find any infirmity in the same. - Decided against revenue
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