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TMI Blog2015 (3) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... d to appellants, the shares purchased had been taken dealivery of within the settlement cycle, but the same was kept as collateral security by the sub-broker as security for payment to be received from respondent-assessee, the purchases shares were thereafter transferred to the DMAT account of the respondent assessee; and the contract notes produced by the respondentassessee for purchase and sale of shares has not been challenged by the revenue. - Decided in favour of assessee. - Income Tax Appeal No. 168 of 2013 - - - Dated:- 27-1-2015 - M. S. Sanklecha And G. S. Kulkarni,JJ. For the Appellant : Mr Charanjeet Chanderpal, Adv. For the Respondent : Mr Percy Pardiwalla, Sr. Adv Atul Jasani ORDER P.C. 1. This appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s short term capital gains was erroneous and prejudicial to the interest of revenue. Thus the Assessing Officer was directed to pass a fresh assessment in accordance with law. 5. The Assessing Officer by an order dated 24th December 2008 passed under Section 144 r/w 263 of the Act did not accept the petitioner's claim of capital gain on account of sale of shares and treated it as unexplained income. This in view of his holding that the transaction of purchase and sale of shares was undertaken by the subbroker. Consequently, the Assessing Officer added an amount of ₹ 1.17 crores to the income of the respondent assessee to determine the income at ₹ 1.19 crores for A.Y. 2003-04. 6. Being aggrieved, the respondent assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntinued to remain in the DMAT Account of the subbroker evidencing non-genuineness of the transaction. Thus, it is submitted that the orders suffer from perversity and the appeal needs to be admitted. 8. We find that the orders of the CIT (Appeals) as well as the Tribunal are detailed orders rendering findings of fact about the nature of the transaction of purchase and sale of shares entered into by the respondent-assessee. The aforesaid finding of fact was reached on consideration of the following: (a) Similar transactions in the past was accepted by the revenue when loss returned. (b) Certificate given by the subbroker confirming that transaction belonged to appellants. (c) The shares purchased had been taken dealivery of withi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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