TMI Blog2014 (11) TMI 1090X X X X Extracts X X X X X X X X Extracts X X X X ..... ve also confirmed the fact of purchase. Since it was an off market transaction, the purchases were not available with the Stock exchange. Thereafter, the assessee has demated the shares in Sep, 2004 and started selling the shares in installments from 4.11. 2004 to 25.4.2005. All the sale have been carried through stock exchange. The Ld CIT(A) have also noticed that the purchase of shares have been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the revenue is directed against the orders passed by Ld CIT(A)-39, Mumbai and they relate to the assessment years 2005-06 and 2006-07. The Long term capital gain assessed as business income in both the years, having been deleted by Ld CIT(A), the revenue is in appeal before us. 2. None appeared on behalf of the assessee and hence we proceed to dispose of the appeal ex-parte, without the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2006-07. The assessee claimed the same as exempt in both the years under consideration. The shares of M/s Ramakrishna Fincap Ltd had been designated as Penny stock and its shares prices also went up at astronomically high level. Hence, the AO disbelieved the share transactions and assessed the Long term capital gain as business income of the assessee in both the years. The Ld CIT(A), however, h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chase of shares have been duly accounted for in the Balance sheet filed along with the return of income pertaining to assessment year 2004-05 on 1.11.2004. The sale transactions have also been accounted for in the books. The assessee has pointed out that the share price of the above said company has gone up further after its sale by the assessee. Under these set of facts, the Ld CIT(A) held that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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