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2012 (12) TMI 72 - AT - Income TaxUnexplained Investment u/s 69 - Whether transactions pertain to investment or sale of shares - Held that:- AO came to a conclusion that the transaction was an investment in SAIL on 17.12.2007 of assessee which was unexplained. Now the data available on record indicate that these are not purchase transactions but sale transactions by M/s Credit Suisse Ltd on behalf of various other funds being managed by Threadneedle Asset management Ltd. Once these are sale transactions, provisions of section 69 does not apply, which can be invoked for unexplained investment. Unless complete inquiry was conducted, it is not proper on the part of AO to make an assessment of sale of transactions as investment, as is done in this case. - matter remanded back - appeal filed by assessee is allowed for statistical purposes.
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