TMI Blog2013 (1) TMI 847X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Respondent: Shri Mahesh Agarwal, C.A. ORDER Per Bhavnesh Saini, J.M.: This appeal by the Revenue is directed against the order of ld. CIT(A)-II, Dehradun (camp Agra) dated 01.03.2011 for the assessment year 2001-02, challenging the order of the ld. CIT(A) in accepting the claim of the assessee that he had earned capital gains of ₹ 15,87,050/- on sale of shares of M/s. B.T. Technet Ltd. and holding that the AO has not been able to prove that the share transactions were bogus and fictitious. 2. Briefly, the facts of the case are that the AO received information from Addl. DIT (Inv.), Agra to the effect that the assessee had received accommodation entries from M/s. CMS Securities Ltd. Delhi with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the sale consideration from undisclosed sources. Addition was challenged before the ld. CIT(A) and assessee rebutted all the allegations of the AO which are reproduced at page 7 to 10 of the appellate order in which the assessee briefly explained that the AO considered similar addition in the case of HUF of the assessee and his other family members, Shri Rajesh Kumar Garg, Smt. Seema Garg for making addition of similar nature of the same broker, but the ITAT, Agra Bench deleted the same in their cases vide order dated 31.03.2009 and long-term capital gains declared by them have been found to be genuine. It was further explained that none of these supporting evidences provided by the assessee were found to be wrong or incorrect. The assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... functioning of M/s. B.T. Technet Ltd. and copies of shares sold along with the sale bills and contract notes issued by the share broker. It was, therefore, submitted that the assessee entered into transaction genuinely. The ld. CIT(A) called for the remand report on the submissions of the assessee and the assessee s rebuttal is also noted in the appellate order. The ld. CIT(A), considering the evidence and material on record and considering the large number of decisions in favor of the assessee of various High Court and the Tribunal found that the AO has not been able to prove that share transaction claimed to be entered into by the assessee were bogus or fictitious. The burden upon the assessee has been fully discharged regarding genuinen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oks of account and have not been doubted. The same shares were sold in the assessment year under appeal to the broker M/s. CMS Securities Ltd. Delhi @ 114/- each share for a total consideration of ₹ 15,87,050/. Copies of transfer deed, contract notes and payments were received through drafts are filed in the paper book at pages 40 to 50. PB-93 is the information received from M.P. Stock Exchange regarding sale value of shares of B.T. Technet Ltd. at ₹ 114/- each share. He has submitted that the source of purchase of shares and source of sale consideration have not been disputed by the authorities below and in the cases of Rajesh Garg, Ram Prakash Garg, HUF and Seema Garg, the Tribunal deleted similar addition in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e was placed on the statement of Shri Mukesh Gupta and his wife. The order of the Tribunal has been confirmed by the Hon ble Allahabad High Court vide order dated 15.02.2011. In the aforesaid decision, it was found that those assessees had obtained shares in preferential allotment directly from the companies and the purchases declared in the balance sheet of earlier years, which were accepted by the department. Shares were sold to the registered stock brokers and stock exchange. Brokers have confirmed that money was given through draft. Hon ble Allahabad High Court, therefore, on consideration of these relevant considerations, confirmed the findings of the Tribunal that the sales are not sham transactions. According to the AO, the facts of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
