TMI Blog2011 (2) TMI 513X X X X Extracts X X X X X X X X Extracts X X X X ..... y way of insertion of Section 142A vide Finance Act, 2004 with effect from 15.11.1972 - Decided against the assessee by way of remand - Income-tax Appeal No.106 of 2005 - - - Dated:- 23-2-2011 - MR.JUSTICE ADARSH KUMAR GOEL, MR.JUSTICE AJAY KUMAR MITTAL, JJ. Ms. Urvashi Dhugga, Senior Standing Counsel for the appellant. Mr. A.K.Jain, Advocate for the respondent ADARSH KUMAR GOEL, J ( Oral) . 1. Since Registry has not been able to send the file on account of fire in the Court premises, learned counsel for the revenue has furnished copy of paper-book which is taken on record. We proceed to decide the matter after hearing learned counsel for the parties. 2. This appeal has been preferred by the revenue under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... did not accept the said claim of the assessee on the ground that transaction of sale of shares was a manipulated transaction and the cheque received towards sale proceeds was in lieu of cash amount paid to the brokers. The other issue which arose before the assessing officer was as to quantum of investment in the construction of house. According to the assessing officer, valuation was higher than as shown by the assessee in view of report of the Departmental Valuation Officer (DVO). On appeal, the CIT(A) deleted the additions on the ground that the assessee had filed copies of shares certificates, contract note for sale of shares and bank statements showing credit of sale proceeds by cheques. As regards valuation of the house, it was held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ince it is not clear whether such evidence has been earlier furnished, there being no finding with reference to such evidence, the view taken by the CIT(A) as upheld by the Tribunal has to be held to be vitiated. We also do not find any discussion in the order of CIT(A) on the issue whether share certificates and contract notes were genuine documents. Accordingly, we hold that the impugned orders on the issue of deleting the additions on account of capital gain from sale of shares cannot be sustained. As regards additions on account of unexplained construction of new house based on valuation as per report of the DVO, there has been an amendment by way of insertion of Section 142A vide Finance Act, 2004 with effect from 15.11.1972. The amend ..... X X X X Extracts X X X X X X X X Extracts X X X X
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