TMI Blog2015 (7) TMI 637X X X X Extracts X X X X X X X X Extracts X X X X ..... f Ld CIT(A) and restore all the issues to the file of the AO to decide the same a fresh - Decided in favour of assessee for statistical purposes. - I.T.A. No.6747/Mum/2010 - - - Dated:- 8-4-2015 - S/SHRI B.R.BASKARAN AND AMIT SHUKLA, JJ. For the Appellant : Shri Jayant R Bhatt For the Respondent : Shri Akhilendra P Yadav ORDER PER B.R. BASKARAN (AM) The assessee has filed this appeal challenging the order dated 07- 07-2010 passed by Ld CIT(A)-37, Mumbai and it relates to the assessment year 2007-08. 2. The assessee is aggrieved by the decision of Ld CIT(A) in confirming the assessment of Long term capital gain as income from other sources. 3. We heard the parties and perused the record. The assessee decl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n sold through the D-mat account, yet the AO doubted the same since the purchases were not made through banking channels, i.e., the purchases were made either by adjusting the speculation profits claimed to have been earned by the assessee or by paying cash. Accordingly, the AO came to the conclusion that the purchases have been back dated in order to declare Long term capital gain. Accordingly, the AO came to the conclusion that the whole of transactions of purchase and sale are sham transactions and accordingly assessed the long term capital gain as income of the assessee under income from other sources. The AO also assessed 5% of the LTCG as the charges incurred by the assessee in obtaining bogus LTCG. The Ld CIT(A) also confirmed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shares were genuine. 5. On the contrary, the Ld D.R placed strong reliance on the orders of tax authorities. 6. Before us, the assessee filed copies of income tax returns filed for AY 2005-06 and 2006-07; copies of broker notes for purchase of shares, dematerialisation details, copies of broker notes for sale of shares, bank statements, Ledger account copies issued by M/s DPS Shares and Securities P Ltd etc. We notice that both the tax authorities have failed to examine them in order to find out about the veracity of the claim put forth by the assessee. Instead both the tax authorities have been swayed away by the statement given by the directors of M/s DPS Shares Securities Ltd. There may be merit in the contentions of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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