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2015 (9) TMI 648

Short term capital gains in view of the SEBIís disgorging order - CIT(A)ís action challenged upholding assessment as short term capital gains on account of profits derived from sale of shares despite the fact that the same stood appropriated in SEBIís favour - Held that:- From the findings of the SEBI, it is implicit clear that both the assessees have indulged in violation of SEBI regulations, while making investments in IPOs. Whatever amounts they have illegally earned, which could be assessed as their income/, has been taken away from them. They have already disgorged the amount, though, the payment was made after the close of accounting year, and even after passing of the assessment order. But these payments related to same share transactions, which have given rise to the alleged income in the hands of the assessee. The appeal before the CIT(A) is a continuation of the original proceedings. Before the CIT(A), the assessee have already taken additional grounds of appeal on the strength of the SEBI order. Therefore, we find force in the contentions of the Id. Counsel for the assessee that ultimately no income has resulted to the assessees, out of these share transactions. See Monal Thappar vs. ACIT [2015 (7) TMI 913 - ITAT AHMEDABAD] - Decided in favour of assessee.


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