9911796707
TMI Blog2011 (6) TMI 742X X X X Extracts X X X X X X X X Extracts X X X X ..... idence and material and explanation tendered by the assessee, determined his total income at ₹ 82,94,220/- by making certain additions under Section 68 of the Act. 2. Aggrieved by the said order, the assessee approached CIT(Appeals), which partly allowed the appeal of the assessee. The assessee challenged the same before the Income-Tax Appellate Tribunal which deleted the entire addition made by the Assessing Officer by its order dated 26.6.2009. Impugned order is in challenge proposing the following questions of law for determination of this Court:- [i] Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in deleting addition of ₹ 64,74,917/- made by the Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r receiving the sale consideration. So much so that the shares were routed through D-Mat Account and were also listed in Calcutta Stock Exchange. The Tribunal also observed that as per the broker's note, the assessee duly paid the transaction tax and the entire addition made by the Assessing Officer was based on assumption and presumption. The shares were made by the broker from his own account, who took the delivery from the assessee respondent in a specific month and year. Moreover, the shares purchased in the year 2003 were sold in about 12 months' time. Therefore, also the same could not have been treated as long term capital gain. The Tribunal, on appreciating the provisions of Section 68 and its scope, ruled that Section lays ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterference. 4. With regard to the second issue, the same relates to addition under Section 69C. A flat was purchased by the assessee at Athwa Lines, Surat where the office of the Sub-Registrar had levied additional stamp duty by verifying the property at ₹ 28,50,928/-. The provision of Section 50C of the Act was applied by the Assessing Officer relying on earlier decisions of its own in the case of the assessees. The Tribunal concluded that the provisions of Section 50C was not applicable to the purchaser. The relevant findings of the Tribunal in ITA No.1749/Ahd/2008 were relied upon, which are as under:- 10. After careful consideration of the rival submissions, facts and circumstances of the case, provisions of the law as wel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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