TMI Blog2016 (1) TMI 705X X X X Extracts X X X X X X X X Extracts X X X X ..... anjay Garg, JM For the Appellant : Shri S K Jangre (DR) For the Respondent : Shri Vijay Kothari ORDER Per Sanjay Garg, Judicial Member The present appeal has been preferred by the Revenue against the order of ld. CIT(A) , Central -1, Mumbai dated 23-10-2006. 2. In this appeal, the Revenue is aggrieved by the action of the ld. CIT(A) in holding that the transactions of purchase and sale of shares done by the assessee in relation to the shares of Database Finance Ltd. as genuine and thereby allowing the claim of long term capital gains to the assessee in relation to the said transaction. 3. Brief facts of the case are that during the assessment proceedings, the A.O. noted that the assessee had earned long term capi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rchase and sale of shares were furnished before the A.O; however, the A.O. failed to appreciate the evidence produced before him. The ld. CIT(A) after considering the submission and going through the evidences, which were also furnished before the A.O., observed that the assessee had filed copy of the broker's bill showing the transaction about the purchase of shares of M/s Database Finance Ltd. The certificate from the broker regarding the transaction of the said shares in favour of the assesse was also filed. The distinctive number of shares were also mentioned. The ld. CIT(A) observed that the broker's note showed the purchase of 16,000 shares of M/s Database Finance Ltd. by the assessee for a consideration of ₹ 1,94,780/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other companies on the basis of broker's note has been considered as genuine by the A.O. He, therefore, held that the A.O. was not justified in his action to treat the aforesaid transaction as non-genuine by the A.O. He, accordingly, deleted the addition made by the A.O. by holding that the income earned by the assessee from the sale of shares of M/s Database Finance Ltd. was to be treated as long term capital gain. Aggrieved by the order of the ld. CIT(A), the Revenue has come in appeal before us. 4. We have heard the rival contentions. The ld. D.R. could not bring before us any factual discrepancy or error of law in the well reasoned order of the ld. CIT(A). The assessee had furnished the entire details relating to the purchase and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee from M/s Database Finance Ltd. can be held to be non-genuine. The said enquiry, if any, conducted by the SEBI had no relation, whatsoever, with the share transaction done by the assessee. The assessee had duly furnished the evidence of purchase and sale of shares and the long term capital gain earned therefrom. No discrepancy has been brought out by the ld. D.R. in relation to the share transactions done by the assessee with M/s Database Finance Ltd. We, therefore, do not find any infirmity in the order of the ld. CIT(A) while allowing the claim of the assessee. There is no merit in the appeasl filed by the Revenue and the same is accordingly dismissed. 5. In the result, the appeal filed by the Revenue is dismissed. Order pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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