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TMI Blog2015 (12) TMI 1014X X X X Extracts X X X X X X X X Extracts X X X X ..... en the broker and the appellant for the introduction of its unaccounted money. In view of the decisions of Sri Anil Kr. Khemka (husband of the appellant) thus hold that the AO is not justified in treating the long term capital gain as bogus. Direct the AO to treat the long term capital gain as claimed by the appellant and tax them at the rates applicable for assessment years 2001-02 to 2003-04 and for assessment year 2005-06 exemption u/s. 10(38) should be allowed - Decided in favour of assessee - I.T.A Nos. 714 to 718/Kol/2011 - - - Dated:- 28-10-2015 - Shri M. Balaganesh, Accountant Member, and Shri S.S. Viswanethra Ravi, Judicial Member For The Appellant : Shri Sanjit Kr. Das, JCIT,ld.DR For The Respondent : Shri Manish Tiwari, FCA, ld.AR ORDER SHRI M.BALAGANESH, AM These appeals of the revenue arise out of the order of the Learned CITA in Appeal No. 530/CC-I/CIT(A)/C-III/06-07 dated 21.2.2011,Appeal No. 526/CC-I/CIT(A)/C-III/06-07 dated 21.2.2011,Appeal No. 527/CC-I/CIT(A)/C-III/06-07 dated 21.2.2011,Appeal No. 531/CC-I/CIT(A)/C-III/06-07 dated 21.2.2011 and Appeal No. 532/CC-I/CIT(A)/C-III/06-07 dated 21.2.2011 for the Asst Years 2001-02 to 2005-06 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... form of long term capital gains with the connivance of the brokers and accordingly brought to tax under the normal provisions of the Act instead of concessional rate of tax applicable to long term capital gains. On first appeal, the assessee pleaded that there was a search and seizure operation conducted u/s 132 of the Act on Aparna Group of cases which includes assessee herein, wherein, no incriminating materials with regard to the subject mentioned issue before us was found by the search party. The Learned CITA duly appreciated the contentions of the assessee and rejected the contentions of the Learned AO in this regard by placing reliance on the decision of this tribunal wherein addition made towards similar grounds of share transactions in the hands of the assessee s husband Shri.Anil Khemka were deleted in ITA Nos. 901 to 905 / Kol / 2009 dated 28.1.2010 for the Asst Years 2001-02 to 2005-06. Aggrieved, the revenue is in appeal before us on the following grounds:- Grounds of Appeal for the A.Y 2001-02 1. In the facts and circumstances of the case and in law, the ld.CIT(A) has erred in directing the AO to treat the long term capital gain of ₹ 18,37,287/- earn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... term capital gain of ₹ 16,58,020/- earned out of selling the shares of M/s. Commitment Finance Ltd as such as shown by the assessee and tax in as per applicable concessional rate without proper consideration of the entire facts and without proper appreciation of the evidences and arguments put forth in the assessment order that the said income was nothing but assessee s own unaccounted money introduced in the form of long term capital gain with connivance of the brokers. 2. The department craves leave to add, modify or alter any of the ground(s) of appeal and/or adduce additional evidence at the time of hearing of the case. Grounds of Appeal for the A.Y 2005-06 1. In the facts and circumstances of the case and in law, the ld.CIT(A) has erred in directing the AO to treat the long term capital gain of ₹ 13,46,420/- earned out of selling the shares of M/s.Limtex Investment Ltd as such as shown by the assessee and allow exemption u/s.10(38) of the I.T Act without proper consideration of the entire facts and without proper appreciation of the evidences and arguments put forth in the assessment order that the said income was nothing but assessee s own una ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said transactions as bogus by the AO nor treating the same as business in the nature of adventure in the nature of trade by the ld.CIT(A) is not justifiable. Therefore, we set aside the orders of the revenue authorities on this issue and direct the AO to treat the long term capital gains as claimed by the assessee. Hence, the ground nos.1 and 2 raised by the assessee are allowed. 6.2 The appellant has submitted all the original contract notes of sale and purchase, copies of the bills, bank statements in respect of the purchase and sale of shares. All payments were made and received through account payee cheques drawn by the concerned Stock Brokers of Calcutta Stock Exchange and duly recorded in the bank accounts and regular Books-of-A/cs. All the shares sold were transferred through Demat Account or handed over physically to concerned brokers. The price at which the shares have been sold is also published in the daily Quotation issued by the Calcutta Stock Exchange. The shares sold after 1st October 04 pertains to the assessment year 2005-06. Security Transaction tax has been deducted from the sale proceeds. 6.3 The decisions of the Hon ble Calcutta High Court in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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