9911796707
TMI Blog2012 (7) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... r sources. During the course of the assessment proceedings, the A.O. noted that the assessee has sold 17000 shares of Sangotri Constructions Ltd. for a total consideration of Rs. 18,70,410/- against which the assessee has claimed exemption u/s.54F of the Income Tax Act, 1961 (the Act). The assessee was asked to submit the copies of sales and purchase bills of shares, details of payment made and copy of ledger account of share brokers in his book. In response, the assessee furnished the same. From the details furnished the A.O. noted that the above shares were purchased in the month of April, 2003 but sent for dematerialisation to ICICI Bank on 27th February, 2004 after a period of 10 months. From the dates of purchase, sale and demat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the details indicating the price prevailing on the dates, executed by Shri Rajendra Prasad Shah. The A.O. on the basis of the above material available with him issued a notice to the assessee to file his explanation. The assessee has filed its explanation along with the documentary evidence inter alia stating that the transactions made by the assessee are genuine and the suspicion/presumption that the share certificates were printed on October, 2003 is not true. However, the A.O. did not accept the assessee's explanation. The A.O. after relying on certain newspapers cuttings and the decisions of the Tribunal held that the credit entries of sale of shares shown by the assessee are nothing but a colourable device to introduce unaccounted mon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned DR while relying on the order of the A.O. and the learned CIT(A) further submits that the sufficient opportunities were provided to the assessee and the assessment order was passed after considering all the explanations submitted by the assessee, therefore, the additional evidence which is not supported by any evidence that the same was filed before the learned CIT(A) should not be admitted and the order passed by the learned CIT(A) confirming the addition made by the A.O. be upheld. 7. We have carefully considered the submissions of the rival parties and perused the material available on record. We find that at page 6 of the assessment order, the A.O. has extracted the assessee's reply dated 26.11.2007 which reads as under :- "1. D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is submitting with your good self during the assessment proceeding. 3. At the cost of repetition, we again reiterate that the shares were purchased from M/s. Rajendra Prasad Shah, a registered share broker of Calcutta Stock Exchange & the transactions of purchase & sales of shares were through the Culcutta Stock Exchange. 4. During the assessment proceedings we have submitted the following documents for purchase & sale of 17000 shares of Sangotri Construction Ltd. i) Xerox copy of share certificate. ii) Covering letter of Maheshwari Datamatics Pvt. Ltd. dated 19/06/2003 Registered Transfer Agent of the company, through whom shares purchased were duly transferred & send to our above named client. iii) Copy of DRN Slip dated 27/02/2004 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng at page 52 to 56 of the assessee's second paper book. Since the assessee's explanation (supra) particularly point no. 1 has not been considered by the revenue authorities properly and keeping in view that the assessee has filed affidavits for the first time before the Tribunal which go to the root of the matter, therefore, in the interests of justice, we, after admitting the same consider it fair and reasonable that the matter should go back to the file of the A.O. and accordingly, we set aside the orders passed by the revenue authorities on this account and send back the issue to the file of the A.O. to decide the same afresh in the light of the observations made hereinabove and according to law after providing reasonable opportunity of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
