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TMI Blog2015 (7) TMI 637X X X X Extracts X X X X X X X X Extracts X X X X ..... ong term Capital gain (LTCG) on sale of shares of M/s Robinson Worldwide Trade Ltd and claimed the same as exempt. However, consequent to the search operations conducted on 18-01-2007 in the case of Shri Naresh Saboo and others, it came to light that the transaction of purchase of the above said shares was carried through M/s DPS Shares & Securities P Ltd. When a survey was conducted at the premises of the above said share broker on 18-01-2007, the director of the above said share broking company confessed that it did not actually purchase the shares of M/s Robinson Worldwide Trade Ltd, but provided only accommodation bills. During the course of assessment proceedings, the assessing officer again summoned one of the directors of M/s DPS sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by holding that the assessee has failed to discharge the burden of proof placed upon her u/s 68 of the Act. Aggrieved, the assessee has filed this appeal before us. 4. A perusal of the orders passed by the tax authorities would show that they have placed their reliance wholly on the statement given by the directors of M/s DPS Shares & Stock securities Ltd. The contention of the Ld A.R was that the above said share broking firm has not accounted the share transactions carried on by the assessee and hence, in order to suit its convenience, the director of the above said company has stated the transactions of purchase to be bogus transactions. The Ld A.R submitted that the presumption of back dating of purchases is not correct, since the pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent given by the directors of the above said company should not be relied upon, since they have given the statement to suit their own conveniences, since these transactions were not accounted for by them. Under these circumstances, in our view, it may not be proper to draw adverse inferences against the assessee based upon the statement given by the directors of M/s DPS Shares & Securities P Ltd alone. In our view, the evidences furnished by the assessee with regard to the purchase and sale of shares should have been discreetly examined and then a holistic view of the matter should have been taken by the tax authorities. Since the tax authorities have failed to examine the basic evidences, we are of the view that this issue requires fresh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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