TMI Blog2008 (8) TMI 415X X X X Extracts X X X X X X X X Extracts X X X X ..... vailable with him for purchase of shares as well as realization of sale proceeds and crediting the same to the bank account of the assessee. Hence, we find that the ld CIT(A)'s order in deleting the additions made by the AO is not infirm in any way requiring any interference. The same is hereby upheld by dismissing the appeal of the Department as not meritorious. In the result the appeal of the Revenue is dismissed. - Member(s) : B. R. JAIN., K. S. S. PRASADA RAO. ORDER-K.S.S. PRASAD RAO, J.M.: This appeal by the Revenue is against the order dt. 25th Jan., 2007 passed by learned CIT(A), Udaipur, whereby the Department has raised the following issues- "On the facts and in the circumstances of the case the learned CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the same to the income of the assessee. Consequently the AO is justified in disallowing the claim of the assessee of commission of Rs. 3,35,000 stated to have been paid to the broker for purchasing and selling of the shares on behalf of the assessee as both of them were found to be in genuine and all the entries are accommodation entries only. In spite of these cogent material made out by the AO the learned CIT(A) has deleted the above said two additions made by the AO simply by observing that the onus is on the AO to show that the transaction of purchase and sale of shares made by the assessee are not genuine. More so when the assessee is not even able to prima facie prove the alleged purchase and sale of shares before the AO either by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee are very much genuine and not at all doubtful under any circumstances. In support of this, the assessee has also furnished the share certificate numbers as well as folio numbers of the shares purchased and sold by the in assessee in question out of which only the amount in question realised by the assessee. The intimation of the broker who conducted sale and purchase of shares on behalf of the assessee which was filed before the AO also clearly establishes the amount of commission of Rs. 3,35,000 as commissions for his services is also mentioned therein. Since the bank account of the assessee is not maintained by the assessee it will not form part of books of account of the assessee. Therefore, the credit found in the said bank a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... two months but the assessee has produced the share certificate No. 132011 Regd., Folio No. G 03019 and distinctive Nos. 132501 to 13550000 issued by Cure Spects Lazer Ltd. of Ahmedabad for acquisition of 3,50,000 equity shares by producing the letter dt. 8th Sept., 2003 issued by the said company, these shares were sold by the assessee for consideration of Rs. 70,40,365.97 through stock broker M/s Rajesh and Jhaveri and thereby earned long-term capital gains of Rs. 66,90,331. The said company Cure Spects Lazer Ltd. of Ahmedabad is a public limited company where public are substantially interested. Its shares are listed in the Ahmedabad Stock Exchange. The said company is regularly filing statutory return as required under Companies Act to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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