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TMI Blog2011 (5) TMI 820X X X X Extracts X X X X X X X X Extracts X X X X ..... e before the assessing officer to substantiate his claim with regard to capital gains - benefit of capital gains was denied – Held that:- assessment order was framed on presumptions and assumptions, sale transactions, the Department doubted the documents which were produced by the assessee to substantiate his claim with regard to capital gains, Tribunal on appreciation of evidence has rightly foun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome, salary income and income from capital gains from sale of shares of Indian Companies. The assessing officer rejected the claim of the assessee so far as capital gain is concerned. The said order was confirmed in appeal by the Commissioner of Income Tax (Appeals) [hereinafter referred to as the 'CIT (A)']. The Tribunal by the order under appeal has set aside both the order and accepted the clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchase of shares, copies of accounts of assessee in books of brokers and the details about the valuation of the shares on the date of the transfer through Calcutta Stock Exchange, which establishes the assessee's case. Challenging the findings of the Tribunal, the learned standing counsel for the Department submits on the basis of some letter given by the Calcutta Stock Exchange that these tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ares of M/s P.K. Leasing were purchased on 17th of August, 2002 at the rate of Rs.2.72 per share and were sold on 18th of September, 2003 at the rate of Rs.75.92 per share. Similarly, the shares of M/s Mohan Finance Ltd. which were purchased in the month of September, 2001 at the rate of varrying between Rs.3.02 to 4.52 per share and were sold at the rate of varrying from Rs.54.45 to Rs.40.14 per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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