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2015 (7) TMI 637 - ITAT MUMBAI

2015 (7) TMI 637 - ITAT MUMBAI - TMI - Assessment of Long term capital gain as income from other sources - Held that:- Evidences furnished by the assessee with regard to the purchase and sale of shares of M/s Robinson Worldwide Trade Ltd. should have been discreetly examined and then a holistic view of the matter should have been taken by the tax authorities. The Tribunal in the said case has restored the matter for fresh examination to the assessing officer. The Tribunal has also directed the A .....

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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 declared Long term Capital gain (LTCG) on sale of shares of M/s Robinson Worldwide Trade Ltd and claimed the same as exempt .....

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ly accommodation bills. During the course of assessment proceedings, the assessing officer again summoned one of the directors of M/s DPS shares & securities P Ltd on 18.11.2008 and recorded a statement, wherein the director again confirmed the fact of providing only accommodation bills in the shares of M/s Robinson Worldwide Trade Ltd. Accordingly, the AO proposed to assess the Long term Capital gain as income of the assessee. The assessee sought for cross examination of the director of M/s .....

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g 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 sourc .....

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ities 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 purchases made on 07.04.2004 were duly reflected in the return of income filed for AY 2005-06 on 30.10. .....

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nal considered identical issues of purchase and sale of shares of M/s Robinson Worldwide Trade Ltd and held that the purchase and sale of 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 i .....

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