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TMI Blog2014 (12) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... ubstantial questions of law: (1) Whether on the facts and in the circumstances of the case and in law, the ITAT is correct in deleting the addition confirmed by the CIT (A) under section 68 of the IT Act 1961? (2) Whether on the facts and circumstances of the case and in law, the finding recorded by the Tribunal contrary to the record and thus perverse? Additional question in Income Tax Appeal No.1568 of 2012 (3) Whether on the facts and circumstances of the case and in law the Tribunal is correct in law in deleting the disallowance of claim of loss of Rs. 5,95,720/- incurred on the sale of share capital market Ltd.? 2. Mr.Sureshkumar would submit that the Tribunal seriously erred and in law in reversing the finding of fact by the Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing. He is purchasing and selling the shares through a broker in Mumbai. For the impugned penny stock, he has transacted through the broker at Calcutta, which itself raises doubt about the genuineness of the transaction. The entities/ companies, whose shares were traded on exchange namely M/s.Bolton Properties Ltd., Prime Capital and M/s.Mantra were not having sufficient business activities justifying the increase in their shares prices. The Commissioner, therefore, concluded that certain operators and brokers devised a scheme to convert the unaccounted money of the Assessee to accounted income and the Assessee utilized this scheme. Therefore, the claim that the Assessee earned capital gain was disallowed and addition of Rs. 25,93,150/- mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the transaction, that the Appeal of the Assessee has been rightly allowed. The Tribunal has not merely interfered with the concurrent orders because another view was possible. It interfered because it was required to interfere with them as the Commissioner and the Assessing Officer failed to note some relevant and germane material. In these circumstances, he submits that the Appeals do not raise any substantial question of law and deserve to be dismissed. 5. We have perused the concurrent findings and on which heavy reliance is placed by Mr.Sureshkumar. While it is true that the Commissioner extensively referred to the correspondence and the contents of the report of the Investigation carried out in paras 20, 20.1, 20.2 and 21 of his order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... find that Mr.Gopal's contentions are well founded. The Tribunal concluded that there was something more which was required, which would connect the present Assessee to the transactions and which are attributed to the Promoters/Directors of the two companies. The Tribunal referred to the entire material and found that the investigation stopped at a particular point and was not carried forward by the Revenue. There are 1,30,000 shares of Bolton Properties Ltd. purchased by the Assessee during the month of January 2003 and he continued to hold them till 31 March 2003. The present case related to 20,000 shares of Mantra Online Ltd for the total consideration of Rs. 25,93,150/-. These shares were sold and how they were sold, on what dates an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the Appeals do not raise any substantial question of law. They are accordingly dismissed. There would no order as to costs. 8. Even the additional question cannot be said to be substantial question of law, because it arises in the context of same transactions, dealings, same investigation and same charge or allegation of accommodation of unaccounted money being converted into accounted or regular as such. The relevant details pertaining to the shares were already on record. This question is also a fall out of the issue or question dealt with by the Tribunal and pertaining to the addition of Rs. 25,93,150/-. Barring the figure of loss that is stated to have been taken, no distinguishable feature can be or could be placed on record. For ..... X X X X Extracts X X X X X X X X Extracts X X X X
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