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2015 (9) TMI 1678

..... 1251 - ITAT NAGPUR] Assessee has placed on record all the evidences to support the sale transactions including the quotation of the said shares on the date of sale which tallies with the sale price of the assessee. No opportunity to cross-examine the broker was given to the assessee. These authorities have held that no adverse cognizance of the fact that the broker could not be produced or the companies were not found at their addresses can be taken. Thus the above mentioned authorities are squarely applicable to the assessee. In view of the evidences and authorities placed on record by the assessee, in the absence of any evidence or document brought on record by the assessing officer to negate the contentions raised by the assessee, the tr .....

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..... ied in law and on facts of the case deleting the additions made by the AO in the absence of complete satisfactory documentary evidence in respect of long term capital gain. 3. The appellant craves leave to add, alter or amend any or all of the grounds of appeal before or during the course of hearing of the appeal. 1.4. Grounds of appeal raised in the Cross Objection are as under: 1. The CIT(A) erred in law and on facts in confirming the action of the AO in passing the assessment order u/s 143(3) r.w.s. 153C/A of the Act which is illegal, bad in law and void ab-initio since neither any warrant/panchanama was made in the name of the appellant to initiate proceedings u/s 153A nor the mandatory satisfaction to assume jurisdiction on the appella .....

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..... ted facts are that the assessee has purchased the shares in earlier year and duly disclosed the same in the balance sheet of the assessee. The shares were of a listed company and were duly transferred in the name of the appellant as can be seen from the share certificates placed on record. The shares were duly registered in the records of Ministry of Company Affairs/ROC. The shares were held for more than a year and then were sold through brokers which were registered with SEBI. The rates of sale and purchase tallies with the rates quoted in MP stock exchange which proves that the shares were sold on the market rate. The share broker did not mention the name of the assessee in his statement recorded by the Investigation Wing much prior to t .....

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..... ich clearly showed that the shares of Innovative Finvest were traded @ ₹ 70 each on 29/11/2000. No enquiry of any nature was made from the buyers or sellers of the shares or from ROC regarding the said transactions to prove otherwise. 5.3.2. The assessee placed reliance on the following authorities: a) Smt. Sunita Oberoi vs ITO(2009) 126 TTJ (Agra)TM 745 b) ACIT vs Kamal Kumar S. Agrawal (lndl.) & Ors.(2010) 133 TTJ (Nag) 818 c) Shripal Singh Gulati vs ITO(2008) 9 DTR (Agra) (Trib) 564 d) Shri Gajendra Singh in ITA no. 1898/D/06 by Hon'ble ITAT, Delhi Bench 5.3.3. The facts of the above cases squarely apply to the case of the assessee. In this case, the assessee has placed on record all the evidences to support the sale transa .....

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