Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (3) TMI 801 - AT - Income TaxValidity of reopening of assessment - validity of reasons recorded - Held that:- As per the reason to believe for reopening, it is noted by the Assessing Officer that in the information forwarded by Addl. DIT (Inv.), Meerut to the Investigation Wing, Lucknow, it was stated that M/s H. B. Relan & Co., Karol Bagh, Delhi was providing accommodation entries of short term / long term capital gain in lieu of cash received from intending beneficiaries and Smt. Manju Bansal i.e. the assessee, is one of beneficiary. It is further noted by the Assessing Officer that to verify the genuineness of the transactions, letters were issued by the ADIT (Inv.), Lucknow to different stock exchanges and it was found that the date of purchase, date of sale and price of scripts were not corroborated with the information provided by the assessee. From these reasons, it is apparent that the Assessing Officer has not merely acted upon the information provided by Addl. DIT (Inv.), Meerut to the Investigation Wing, Lucknow but further enquiries were made and it was noted by Assessing Officer that the assessee has made purchases of these shares during 03/09/99 to 04/10/99 at a cost of ₹ 3,37,445/- and these shares were sold during 11/09/2000 to 30/11/2000 at a hefty sale consideration of ₹ 48,41,763/- within a period of 13 months from the date of purchase. Enquiries were made from various stock exchanges and also from the brokers before initiating the assessment proceedings. Considering these facts, the reopening proceedings are validly initiated - Decided against assessee. Additions made on realized on sale of shares - LTCG OR income from other sources - Held that:- In the present case the assessee has furnished copy of sale and purchase bill, contract note, share certificates etc. The assessee has also furnished the official quotation from various stock exchanges. the evidences brought on record by the assessee in support of the claim of long term capital gain cannot be rejected by the Revenue without bringing adverse material on record and merely on the basis of some statement of some broker. The theory of human probability is also not attracted in the present case because this is noted that the assessee is engaged in the speculation transactions in share also and therefore, the judgment of Hon'ble Apex Court in the case of CIT v. DURGA PRASADMORE [1971 (8) TMI 17 - SUPREME Court] and SUMATI DAYAL v. CIT [1995 (3) TMI 3 - SUPREME Court] are not rendering any help to the Revenue in the facts of the present case. We, therefore, hold that in the facts of the present case, as discussed above, the claim of the assessee regarding long term capital gain deserves to be accepted. - Decided in favour of assessee.
|