9911796707
|
Home
Issues involved: Appeal u/s 260-A of the Income-tax Act, 1961 against the order of the Income Tax Appellate Tribunal regarding addition of income u/s 68 of the Act.
Summary: The appeal pertains to the Assessment Year 2003-04, where the assessee claimed long term capital gain on the sale of shares. The Assessing Officer added the sale amount as income from undisclosed sources u/s 68 of the Act. The Commissioner of Income Tax (Appeals) allowed the appeal and deleted the addition. The Revenue appealed to the Income Tax Appellate Tribunal, which upheld the Commissioner's decision. The Revenue contended that the Tribunal did not provide independent reasons for its decision and raised doubts about the genuineness of the sale transactions due to the surrender of a substantial amount during survey proceedings. However, the Tribunal found that the shares were transferred in Demat form, supporting the genuineness of the transactions as per the Depositary Act. The Tribunal also noted that the sale price was supported by newspaper publications, further validating the transactions. The Court upheld the Tribunal's decision, stating that the findings were based on the material on record and did not have any legal infirmity. The circumstances of the undisclosed income surrendered during the survey were not presented for consideration, thus not affecting the appeal outcome. Therefore, the Court found no legal infirmity in the Tribunal's order and dismissed the appeal.
|
