2009 (4) TMI 138 - HC - Income Tax

Information from third source - determination of nature of income - Rs.34,81,165/- was treated as income from other sources by the AO, based on the information received from the Calcutta Stock Exchange. The amount was claimed by the assessee as long term capital gains - CIT(A) and ITAT deleted the additions - Held that - Exchange shows that the name of the assessee is not appearing in respect of the transactions-in-question. The tribunal found that the chain of transaction entered into by the assessee have been proved, accounted for, documented and supported by evidence. The assessee produced before the Commissioner of Income Tax (Appeal) the contract notes, details of his DEMAT account and, also, produced documents showing that all payments were received by the assessee through bank - Information from stock exchange can not be relied upon - Revenue Appeal rejected.