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TMI Blog2016 (1) TMI 705X X X X Extracts X X X X X X X X Extracts X X X X ..... e claim of long term capital gains to the assessee in relation to the said transaction. 3. Brief facts of the case are that during the assessment proceedings, the A.O. noted that the assessee had earned long term capital gain of Rs. 1,27,34,279/-. He asked the assesee to furnish the details in this respect. The assessee explained that it has sold 160000 shares of M/s Database Finance Ltd. for a consideration of Rs. 1,29,28,679/-. The A.O. noted that the assessee had furnished the copies of purchase and sale bills in the form of broker's note through whom the shares of M/s Database Finance Ltd. were purchased and sold, however, the assessee could not furnish the details of proof of payment made for the purchase of shares in question. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shares were also mentioned. The ld. CIT(A) observed that the broker's note showed the purchase of 16,000 shares of M/s Database Finance Ltd. by the assessee for a consideration of Rs. 1,94,780/- and the amount had been shown as due from the assessee. The ld. CIT(A) further observed from another broker's note that the assesasee had also sold shares of some other company through the same broker and an amount of Rs. 5,25,992/- was shown as due to the assessee by the said broker. The broker's note of purchase of shares was dt. 18.4.2001 whereas the broker's sale note was dated 4.4.2001, hence, the ld. CIT(A) observed that it was clear from the said evidences that the amount was due to be received from the broker and hence the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. D.R. could not bring before us any factual discrepancy or error of law in the well reasoned order of the ld. CIT(A). The assessee had furnished the entire details relating to the purchase and sale of shares in question. The A.O. treated the transaction as nongenuine soley on the ground that the qassessee had not furnished proof of payment of consideration for the purchase of shares. However, the ld. CIT(A) after appreciating the evidence filed by the assessee has given a categorical finding that prior to the purchase of shares in question, the assessee had sold shares of some other company through the same broker and the sale proceeds of the said shares were due to be paid by the said broker to the assessee company. The assessee had adju ..... X X X X Extracts X X X X X X X X Extracts X X X X
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