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2016 (5) TMI 618 - ITAT MUMBAI

2016 (5) TMI 618 - ITAT MUMBAI - TMI - Sale of shares - TLCG OR STCG - Held that:- Taking into consideration the documentary evidence which establishes that the assessee was in possession of shares since 1994-95 and the same were being sold in 2005-06 therefore the income from the sale of shares is clearly a Long Term Capital Gain which is exempt from Tax u/s 10(38). Accordingly we are of the view that the AO has failed both in law and on facts in disallowing the claim of Long Term Capital Gain .....

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ain 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 value for purchase and sale of shares. 5. The learned assessing officer has erred in relying on outside documents without giving opportunit .....

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tal Gain of ₹ 3,48,842/- from sale of shares of Tube and Malleable Ltd. After seeking reply from the assessee, the AO passed the order of assessment thereby treating the transaction as Short Term Capital Gain and accordingly made additions in the total income of the assessee. 3. Aggrieved by the order of the AO, assessee filed the appeal before CIT(A) and the CIT(A) after considering the case of the assessee dismiss the appeal vide its order dated 03.12.2012. 3.1 Aggrieved by the order of .....

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ound 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, ackno .....

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ay Stock Exchange through the broker Bharat S Purohit. The copy of sale bill showing the details of sales are enclosed herewith as Annexure V. these shares are sold through the broker at Jamnagar since the shares were originally purchased and were sold by our client s father in law who is at Jamnagar. It was submitted that the assessee subscribed to 5000 equity shares of Tubes and Malleable Ltd. in the year 1994 at a premium of ₹ 50/-. The total cost of acquisition of 5000 shares was there .....

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. It was further submitted that, the AO while ignoring the 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 re .....

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paper book which contain detail reply submitted by the assessee to the Income Tax Officer. Our attention was also drawn to Page no. 3 of the paper book which contains sample Share Certificate issue in the name of Heenaben Viren Sheth and page no. 4&5 of paper book contains acknowledgement of return for year 2000-01 wherein the investment has been shown by the assessee. Page no. 8 &9 of paper book reflects capital gain and details of investments in shares by assessee in Public Limited Com .....

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