2010 (11) TMI 799

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... roduced copies of purchase bills, contract number share certificate, application for transfer of share certificate to demat account along with copies of holding statement in demat account, balance sheet as on 31st March, 2003, sale bill, bank account, demat account and official report and quotations of Calcutta Stock Exchange Association Ltd. thus CIT(A) directed AO to treat sale consideration of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... turn declaring income of Rs. 21,45,950 on 29th March, 2005 on sale of twenty thousand shares of M/s Nageshwar Investment Ltd. Those shares were purchased by assessee on 9th May, 2002 @ Rs. 2.02 per share through broker Shri V.K. Singhania and Co. of Calcutta, which were sold on 22nd July, 2003 @ Rs. 109.50 per share. In assessment order passed on 29th Dec., 2006, AO held that total transactions in .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... eir interference with well reasoned assessment order passed by AO. Learned counsel argued that assessee had in fact not made any genuine transaction of shares and converted her undisclosed income into long-term capital gain through accommodation entry of bogus sale consideration. It was therefore argued that substantial question of law arises in this matter whether despite numerous discrepancies p .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X