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Commissioner of Income Tax Versus Mrs. Purvi Nirav Vakharia

2017 (12) TMI 309 - BOMBAY HIGH COURT

Unaccounted income - price difference between December 2007 and May 2007 - Held that:- There is no evidence brought on record by the Revenue to show that any consideration for purchase of the said shares was paid by the respondent-assessee over and above what was shown by the respondent-assessee. Therefore, on the basis of material on record, the finding of fact recorded by the Assessing Officer was set aside by the Commissioner (Appeals) while deciding appeal. His order has been confirmed by th .....

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tire investment in shares was made by the assessee out of her own funds - Held that:- Though the Appellate Tribunal has referred to the fact that similar treatment given by the assessee in the books of accounts for the earlier years was accepted by the Assessing Officer, that is not the only ground on which the finding is rendered by the Appellate Tribunal. It is true that paragraph3.3 of the judgment of the first appellate authority may not contain elaborate reasons. However, the Appellate Trib .....

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l appearing for the appellant. The appellant has pressed into service questions of law formulated in paragraph5 of the memorandum of appeal. 2. The respondent-assessee filed return declaring income of ₹ 1,05,06,771/. The declared income comprises of income from short-term capital gains, income from longterm capital gains, income from speculation and income from other sources. 3. The Assessing Officer passed an assessment order dated 13th December 2010. The Assessing Officer found that duri .....

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f December 2007, all purchases of 14,000 shares by the respondentassessee will have to be treated as purchases in December 2007. According to the Assessing Officer, price of shares of the company in the month of May 2007 was lower and, in fact, shares were purchased in December 2007 at the prevailing high price by showing that the same were purchased in May 2007 at lower price. The difference in the price of shares between December 2007 and May 2007 was worked out by the Assessing Officer at  .....

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July 2011 allowed the appeal preferred by the respondent-assessee on both counts. Being aggrieved by the order of the Commissioner (Appeals), the appellant-Revenue preferred an appeal before the Income Tax Appellate Tribunal, C Bench, Mumbai (for short Appellate Tribunal ) which was dismissed by the impugned judgment and order. 4. The learned counsel appearing for the appellant invited our attention to the assessment order. He pointed out that the Assessing Officer had summoned the brokers calli .....

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ases of shares by the respondent-assessee was in the month of May 2007. As per record of the Stock Exchange, in the month of May 2007 the brokers purchased the shares in their name and transferred it to the assessee's demat account in the month of December 2007. As regards second issue, he urged that the transactions effected in particular year will have to be tested separately and there cannot be hard and fast rule on this aspect. He invited our attention to the findings of fact recorded by .....

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e Tribunal. The Commissioner (Appeals) and the Appellate Tribunal found that the shares were purchased by the Respondent-assessee in May 2007. In fact, the Appellate Tribunal referred to the contract notes issued by the Broker in the name of the respondent-assessee which show that the purchase of the shares was made in May 2007. There is a finding of fact recorded that though the payment of price of the shares was made in December 2007, the shares were purchased at the price prevailing in May 20 .....

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fact recorded by the Commissioner (Appeals) that there is no evidence brought on record by the Revenue to show that any consideration for purchase of the said shares was paid by the respondent-assessee over and above what was shown by the respondent-assessee. Therefore, on the basis of material on record, the finding of fact recorded by the Assessing Officer was set aside by the Commissioner (Appeals) while deciding appeal. His order has been confirmed by the Appellate Tribunal. The result of t .....

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