2011 (9) TMI 919

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..... . Jasani Judgment P.C. 1 Whether the ITAT was justified in deleting the amount of Rs. 1,41,08,484/received by the Assessee on sale of the shares as unexplained investment under section 69 of the Income Tax Act, 1961 is the question raised in this Appeal. 2 The Assessment Year involved herein is A.Y. 20012002. 3 The Assessee was carrying on business of manufacturing handkerchiefs as the prop .....

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..... ome Tax Act, 1961. The Appeal filed by the Assessee was dismissed by CIT (A). 5 On further Appeal, the ITAT by the impugned order allowed the claim of the Assessee by recording that the purchase of shares during the year 19992000 and 20002001 were duly recorded in the books maintained by the Assessee. The ITAT has recorded a finding that the source of funds for acquisition of the shares was the a .....

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..... e case of the Revenue that the amounts received by the Assessee on sale of the shares is more than what is declared by the Assessee. Though there is some discrepancy in the statement of the Director of M/s. Richmand Securities Pvt. Ltd. regarding the sale transaction, the Tribunal relying on the statement of the employee of M/s. Richmand Securities Pvt. Ltd. held that the sale transaction was genu .....

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