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2017 (12) TMI 309 - HC - Income TaxUnaccounted income - price difference between December 2007 and May 2007 - Held that:- There is no evidence brought on record by the Revenue to show that any consideration for purchase of the said shares was paid by the respondent-assessee over and above what was shown by the respondent-assessee. Therefore, on the basis of material on record, the finding of fact recorded by the Assessing Officer was set aside by the Commissioner (Appeals) while deciding appeal. His order has been confirmed by the Appellate Tribunal. The result of the finding is that the direction to treat the price difference between December 2007 and May 2007 as unaccounted income has been set aside. We see no reason to disturb the concurrent findings of fact recorded by the first and second appellate authorities Sale of shares through IPOs - Tribunal held as cannot be said that frequency of transactions in shares of the assessee was very high - no repetitive transactions were entered into by the assessee and entire investment in shares was made by the assessee out of her own funds - Held that:- Though the Appellate Tribunal has referred to the fact that similar treatment given by the assessee in the books of accounts for the earlier years was accepted by the Assessing Officer, that is not the only ground on which the finding is rendered by the Appellate Tribunal. It is true that paragraph3.3 of the judgment of the first appellate authority may not contain elaborate reasons. However, the Appellate Tribunal has gone into the material on record and recorded the aforesaid findings. There is no reason to disturb the findings of facts recorded on the basis of material on record. There is no perversity in the findings. Hence, no substantial question of law is involved.
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