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TMI Blog2010 (8) TMI 960X X X X Extracts X X X X X X X X Extracts X X X X ..... hether explanation offered by assessee and which found acceptance to the CIT (Appeals) and Tribunal is good or bad, or whether it was rightly accepted, or not. It is only when the factual finding recorded had been entirely de hors the subject, or that it had been based on no reasoning, or based on absurd reasoning to the extent that no prudent man of average judicial capacity could ever reach to such conclusion, or that it had been found against any provision of law, then a case for formulation of substantial question of law on such finding can be said to have been made out. In our view, no such error could be noticed by us in the impugned order because as observed supra, the Tribunal did go into the details of explanation offered by ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l does not involve any substantial question of law as is required to be made out within the meaning of section 260A ibid. 5. The issue relates to grant of certain deletion amounting to ₹ 17,01,652 which were made by the Assessing Officer in the course of assessment proceedings initiated against the assessee under the Act. The Assessing Officer did not accept the explanation offered by assessee and treating the transaction of shares to be bogus added in the total income. The CIT (Appeals) and Tribunal set aside the order of Assessing Officer insofar as it related to additions made by him (Assessing Officer) of ₹ 17,01,652. In other words, the CIT (Appeals) and Tribunal accepted the factual explanation coupled with the evidence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... well as date of sale and sale consideration. Relevant copies of the bills. Letter issued by the broker and the company confirming the transfer of shares in the name of the assessee, D-Mat opening account copy and confirmation by D-Mat account opening agency M/s. Karvy Consultants Ltd. were also filed by the assessee. Copy of the PAN of Rajeev Kumar the broker was filed which prove identity of the broker through whom the share where purchase and to whom share where also sold. The payment were made through account pay cheque. Copy of the letter of Tech DNA Solutions Ltd. was also filed confirming the transfer of the shares in the assessee s name. On the other hand, it is not the case of the Assessing Officer that particular information was n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k Exchange was ruled out. The Assessing Officer could have made enquiry from Stock Holding Corporation to find out the name of real buyer of the share. Under the facts and circumstances of the case the observation of the Assessing Officer that the transaction was sham cannot be upheld. Once the genuineness of the transaction is proved then question does not arise for making any addition under section 68 of Income-tax Act. In such circumstances and facts of the case, we find no infirmity in the order of the ld. CIT(A). Thus the solitary ground of the revenue is dismissed. 7. Learned counsel for the appellant (Revenue) contended that firstly Tribunal erred in accepting the explanation offered by assessee in relation to source of income. H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of shares to be genuine, then it would not involve any substantial issue of law as such. In other words, this Court in its appellate jurisdiction under section 260A ibid, would not again de novo hold yet another factual inquiry with a view to find out as to whether explanation offered by assessee and which found acceptance to the CIT (Appeals) and Tribunal is good or bad, or whether it was rightly accepted, or not. It is only when the factual finding recorded had been entirely de hors the subject, or that it had been based on no reasoning, or based on absurd reasoning to the extent that no prudent man of average judicial capacity could ever reach to such conclusion, or that it had been found against any provision of law, then a case for f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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