2014 (10) TMI 583

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..... the Income Tax Appellate Tribunal, Chandigarh Bench 'A', Chandigarh (hereinafter referred to as "the Tribunal") in ITA No. 161/CHD/2008, relating to the assessment year 2005-06, claiming the following substantial questions of law:- "i) Whether in the present facts and circumstances of the case, the Ld. ITAT was justified in confirming the addition of Rs. 51,87,680/- under Section 68 of the Act, wherein the said income has already been shown by the assessee in his return of income as income under the head Capital Gains? ii) Whether in the present facts and circumstances of the case the order passed by the Ld. ITAT is perverse in confirming the addition of Rs. 51,87,680/- under section 68 of the Act? iii) Whether in the facts and c .....

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..... the Assessing Officer, the CIT(A) and the Tribunal have erred in treating the same to be unexplained cash credit under Section 68 of the Act. Support was drawn from the judgment of the Rajasthan High Court in Commissioner of Income Tax v. Smt. Pushpa Malpani (2011) 242 CTR (Raj) 559. 5. After hearing learned counsel for the appellant, we do not find any merit in the submission made by the learned counsel for the appellant. 6. The Assessing Officer after deliberating the enquiries made by him and appreciating the material available on record concluded that the transaction of sale of shares of M/s Citigold Credit Capital Limited (changed from name of M/s Country Credit Capital Ltd. on 16.2.2004) by the assessee to be bogus and sham in the f .....

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..... (supra), in that case there was no material before the A.O. which could lead to the conclusion that the transactions in that case were simpliciter a device to camouflage activities to defraud the revenue. However, in the case of the appellant, the A.O. has plenty of material which is duly discussed in the assessment order to show that the transactions of sale and purchase of shares by the appellant were sham transactions. Ratio of these decisions would, therefore, also not apply to the fact & circumstances of appellant's case. In view of the above discussions the grounds of appeal of the appellant are dismissed and the appeal of the appellant is also dismissed." 8. The Tribunal while rejecting the contention of the assessee had come to .....

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