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TMI Blog2025 (1) TMI 387X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of theLd. Income-tax Officer-25(3)(5), order passed under section 143(3) read with section 147 of the Act,1961 for A.Y. 2014-15 and order passed under section 143(3), date of order 30/12/2017 for A.Y. 2015-16. 2. Both the appeals are having same nature of facts and a common issue. Therefore, both the appeals are taken together, heard together and disposed of by this common order. ITA No.5814/Mum/2024 is taken as the lead case. 3. The brief facts of the case are that the assessee had purchased 10,000 equity shares of Midland Polymers Ltd (MPL) through Bombay Stock Exchange (BSE) on 30/03/2012 @ Rs. 30.25 per share. The shares are delivered in the demat account of the assessee and for this impugned assessment year, the purchase cost wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vant page of the bonus declaration is annexed in APB page 92. The assessee filed all the relevant documents before the revenue which were also submitted before the Bench. The said evidence and documents are as follows:- Sr.No. Description APB Pg.No. 1 Broker's Notes for purchase and sell 21-30 2 D-Mart Statement 45-57 3 Bonus declaration 92 4 Bank statements 32-44 5 Share Price Movement 71-91 6 Letter to the Assessing Officer 58-61 7 Statement before the Assessing Officer 62-70 8 Letter to the Assessing Officer 93-94 9 Annual Report of the Investee Company for three years 95-244 5. The Ld.AR further argued that the same scrip was duly considered by the order of the ITAT, Delhi Benche-F in the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the stock exchange platform. Both the transactions have been carried out at the prevailing market rates only. The assessee has furnished evidences to prove the factum of purchase and sale of shares. The financial transactions have also been carried out through banking channels. The shares have entered into and exited from Demat account of the assessee. We notice that the AO did not find any fault with the documents so furnished by the assessee. Under these set of facts, we are of the view that the decision rendered by Hon'ble Bombay High Court in the case of Indravadan Jain (HUF) (supra) will squarely apply to the facts of the present case. In the above said case, the Hon'ble Bombay High Court held as under:- "....The CIT(A) came to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o suspect the transactions of purchase and sale of shares of above said company declared by the assessee in both the years under consideration. Accordingly, the estimated commission expenses added by the AO to the total income of both the years are also liable to be deleted." The co-ordinate bench of ITAT-Mumbai passed the order relying on the order of Hon'ble Bombay High Court in case of PCIT vs. Indravadan Jain (HUF) in ITA 454/2018. 6. The Ld. DR vehemently argued in favor of the orders passed by the revenue authorities and relied upon the same. However, the Ld. DR was unable to cite any contrary judgment that would refute the submissions made by the Ld. AR. 7. After hearing the rival submissions and carefully considering the document ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conclude that the assessee was involved in any price rigging or circulation of black money to generate LTCG. The evidence and documents submitted during the assessment proceedings were neither denied nor challenged in terms of their authenticity. Accordingly, we hold that the appeal order is flawed and perverse. The addition under Section 68 of the Act amounting to Rs. 61,79,355/- is hereby deleted. ITA No.5813/Mum/2024 8. The facts and circumstances in this appeal are identical to the facts and circumstances in ITA No.5814/Mum/2024, which we have already dealt with above. Therefore, the decision arrived at in the foregoing paragraphs shall apply mutatis mutandis to this appeal also. 9. In the result, the appeals of the assessee bearing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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