Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (9) TMI 1678 - AT - Income TaxLong term capital gain - Additions made by the AO in the absence of complete satisfactory documentary evidence - HELD THAT:- As decided in KAMAL KUMAR S. AGRAWAL (INDL.) & ORS. [2009 (7) TMI 1251 - ITAT NAGPUR] Assessee has placed on record all the evidences to support the sale transactions including the quotation of the said shares on the date of sale which tallies with the sale price of the assessee. No opportunity to cross-examine the broker was given to the assessee. These authorities have held that no adverse cognizance of the fact that the broker could not be produced or the companies were not found at their addresses can be taken. Thus the above mentioned authorities are squarely applicable to the assessee. In view of the evidences and authorities placed on record by the assessee, in the absence of any evidence or document brought on record by the assessing officer to negate the contentions raised by the assessee, the transaction of sale of the said shares was genuine and resulted into a long term capital gain of ₹ 13,52,6501- to the assessee. Thus the addition is hereby deleted assessing officer is directed to assess the long term capital gain as declared by the assessee and charge the same to tax @ 10%. Thus this ground of appeal is allowed.
|