TMI Blog2015 (1) TMI 1240X X X X Extracts X X X X X X X X Extracts X X X X ..... elf and having not pointed out any error in the merits or the order of the Assessing Officer or the view taken by the Assessing Officer, it would not be possible to invoke his powers under section 263, just because the view as desired by the ld. CIT has not been taken by the Assessing Officer in the assessment order. In these circumstances, we are of the view that the order passed under section 263 by the ld. CIT is unsustainable and consequently quash the same. - Decided in favour of assessee. - I.T.A. No. 704/Kol./ 2014 - - - Dated:- 29-1-2015 - Shri N.K. Saini (Accountant Member), and Shri George Mathan (Judicial Member) For the Appellant: Shri Miraj Shah, FCA, For the Respondent: Shri Vijay Kumar, CIT, D.R., O R D E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of assessment proceedings, the Assessing Officer had specifically called for the information in respect of the details of the investment in shares, Mutual Funds, Bonds, if any, as also the details of the capital gains. Ld. A.R. drew our attention to pages 39 and 40 of the paper book, which was the copy of the notice issued under section 142(1) of the Act. It was the submission that consequent to the information called for, the assessee had produced before the Assessing Officer the evidences in the form of details of the list of long-term capital gains, computation of capital gains as also the computation of the total income where the said transactions had been specifically brought out. It was the further submission that further detail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rought to the attention to the ld. CIT all the details, which had been produced before the Assessing Officer. It was the submission that the ld. CIT without considering the submissions of the assessee had held that the Assessing Officer never had the occasion to examine the genuineness of the sale of shares. It was the submission that the ld. CIT further held that it was very difficult to ascertain as to whether the Assessing Officer had really probed the genuineness of the incidence of the capital gains because barring the few Bonds related documents and no other papers relating to the purchase and sale of shares of the Private Limited Company was available on record. It was the further submission that consequently the ld. CIT held that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the crux of the issue. It was the submission that the Assessing Officer had applied only the standard operating procedure when completing the assessment and did not go beyond. It was the submission that the fact that the shares had been purchased at ₹ 2/- per share and after five years, the same was sold @ ₹ 35/- per share, should have been drawn the attention of the Assessing Officer that there was something more to the transactions. It was the submission that the order under section 263 passed by the ld. CIT was liable to be upheld. 5. We have considered the rival submissions. At the outset, a perusal of the evidences which have been placed in the paper book more specifically the evidences which have been claimed by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. The allegation made by the ld. CIT that the transactions might not be genuine and requires deeper investigation, could be of no relevance in so far as the transactions representing the actual purchase of the said shares took place in the assessment year 2003-04. If the transaction is bogus, then the transaction becomes bogus in the assessment year 2003-04 because it is the purchase itself. The factum of sale has been proved and admitted, in so far as the name of the purchaser and the transactions having been routed through the Bank account remained proved. In the assessment year 2009-10, which is the assessment year in appeal, transaction relating to the assessment year 2004-05 cannot be examined. Further a perusal of the order-sheet ..... X X X X Extracts X X X X X X X X Extracts X X X X
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