TMI Blog2012 (5) TMI 844X X X X Extracts X X X X X X X X Extracts X X X X ..... treated by the AO as unexplained credit under the provisions of section 68 of the I.T. Act. 2. Facts in brief as emerged from the corresponding assessment order passed u/s.143(3) of the I.T. Act, 1961 dated 28/11/2008 were that the assessee-HUF has claimed long-term capital gain of ₹ 8,68,147/- on the group of Gautam Resources. The details of sale and purchase was intimated as under:- Purchase Date No.of Shares Rate of Purchase Purchase Amount Sale date No.of Shares Sales rate Sale value 16.03.2004 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en agreement. In fact, SEBI Guidelines do not mandate for any agreement to be entered into. As is common knowledge most share transactions are done on telephone where the client advises the broker or vice-versa, to either purchase or sell shares. 5.2. Finally, simply because the price of the particular scrip had increased substantially in a short period of time, it could not be used as a ground to treat the transactions as bogus, especially when the genuineness of the transactions had already been proved beyond doubt by several documentary evidences procured by the AO, as also submitted by the Assessee along with the written confirmations furnished by the brokers and supported by their bank statements. 5.3. Given such facts and circum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I guidelines has been placed on record. With regard to the service-tax and stamp charges it has been submitted by the Id. Counsel that the contract note of M/s. M Bhiwaniwala Co. clearly mentioned that the brokerage was inclusive of service tax etc. In the case of the selling broker, Shri Ashok Kumar Kayari, the Service tax Securities Transaction Tax and Education Cess were separately mentioned. This clearly showed that the AO had not studied the contract notes in detail. 7.1 With regard to the point raised by the AO about the absence of brokerclient agreement, it has been submitted that the genuineness of the transactions was already proved by the contract notes for sale and purchase, the bank statement of the broker, the Demat Accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... doubts and suspicion the AO treated the capital gain declared by the assessee as unexplained credit under section 68 of the I.T.Act, 1961. Looking to the totality of the facts, we are of the view that the Id. CIT(A) has given cogent reason for directing the AO to accept the capital gain of ₹ 34,65,922/- as disclosed by the assessee. We, therefore, incline to uphold the order of the Id. CIT(A). Resultantly, the appeal of the Revenue is dismissed. 4. An another decision of ITAT A Bench in the case of said group has also been cited pronounced in the case of ACIT vs. Hemani M.Vakil bearing ITA No.3106/Ahd/2009 for A.Y. 2006-07, order dated 31/05/2011, wherein as well the question of capital gain was accepted. Since on identical fact ..... X X X X Extracts X X X X X X X X Extracts X X X X
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