TMI Blog2016 (5) TMI 618X X X X Extracts X X X X X X X X Extracts X X X X ..... Rai For The Respondent : Shri Vivek Batra ORDER Per Sandeep Gosain, J. M.: The Present Appeal has been filed by the Assessee against the order of Commissioner of Income Tax (Appeals)- 19, dated 03.12.2012 for A.Y. 2006-07 on the following grounds of appeal. 1. The learned assessing officer has erred in disallowing the claim of long term gain of ₹ 348842 on sale of shares. 2. The learned assessing officer has erred in estimating short term gain of ₹ 852500. 3. The learned assessing officer has erred in making his own estimates and presumptions relating to the date of sale and purchase of shares. 4. The learned assessing officer has erred in making his own assumptions regarding the valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t fit to dispose off the same through the present common order. 4. At the very outset, ld. AR representing the assessee relied upon the written submissions dated 21.11.2008 which found mentioned at para no.2.2 of AO s order and reads as under: During the relevant year, our clinet have sold 5000 shares of Tubes and Malleable Ltd. for which our client has claimed Long Term Capital Gain of ₹ 348842.10. These shares were purchased by our client in his wife s name in the year 1995. A copy of physical holding of shares is enclosed herewith as Annexure II. Our client is regularly filling his personal balance sheet with return of income. A copy of statement of income, acknowledgement of return filed for A.Y. 2000- 01 along with copy o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he facts and documentary evidence had assumed the cost of acquisition of shares at ₹ 50,000/- and the sale value at ₹ 8,82,500/- without informing the assessee and without providing any opportunity to explain the facts. 5. On the other hand ld. DR appearing on behalf of revenue relied upon the orders passed by lower authorities. 6. We have heard the counsels for both the parties and we have also perused the material placed on record as well as the orders passed by the lower authorities After considering the same, we have noticed that the AO has treated the Long Term Capital Gain as Short Term Capital Gain on the basis of reasons mentioned in para no. 2.3 of the order of assessment. The pith and substance of the orders pass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO has called information u/s 133(6) of the I. T. Act from the Bombay Stock Exchange but the AO has not informed the assessee and has not called for any explanation or information from the assessee. In case of any doubt, the AO could have called for more details from the assessee, but in this cases the AO has not done this exercise. From the details of all the documents placed on record by way of paper book, we have noticed that the shares were purchased and sold by the assessee after retaining them for approximately eight years. Hence, the exact date of acquisition or minor variations in the rate or date of sale does not make any difference for deciding the issue of treating the transaction as Long Term Capital Gain or Short Term Capit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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