9911796707
TMI Blog2011 (12) TMI 594X X X X Extracts X X X X X X X X Extracts X X X X ..... de order dated 15.12.2008. 2. The only issue in this appeal of assessee is against the order of ld. CIT(Appeals) confirming the action of Assessing Officer in treating the long-term capital gain on sale of shares as short-term capital gain. For this, assessee has raised following three grounds :- (1) That on the facts and in the circumstances of the case the ld. Commissioner of Income-tax (Appeals) eared in confirming the action of the ld. AO in treating the capital gains on sale of shares of Magma Leasing Limited as Short Term Capital Gain. (2) That on the facts and in the circumstances of the case the ld. Commissioner of Income-tax (Appeals) erred in confirming the action of the Assessing Officer in treating the capital gains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d at ₹ 4,20,750/-. (ii) As far as payment is concerned the assessee claimed that she had made an advance of ₹ 8,30,000/- on 11.06.04 and ₹ 4,20,750/- was appropriated out of the said advance. The balance sum of ₹ 4,09,250/- lying with Celica Developers was subsequently refunded/ adjusted. (iii) From the Demat transactions statement of Celica Developers Pvt. Ltd. for the financial year 2004-05 it is evident that the Celica Developers Pvt. Ltd. received 2,24,800 shares of Magma Leasing Ltd. (Magma Fincorp Ltd.) only on 29.03.05. It is also crystal clear that on 11.06.04 Celica Developers Pvt. Ltd. did not have share holding of Magma Fincorp Ltd. (iv) From the Demat transactions statement of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 27.50 each. The copy of Bank statement also established that the amount of ₹ 8,30,000/- was drawn in favour of Celica Developers Pvt. Ltd. out of which this amount was adjusted. It is a fact that the Demat account of assessee reflects receipt of 15,300 shares of Magma Leasing Limited from Celica Developers Pvt. Ltd. only on 31.03.2005, but the assessee has already made correspondence with Celica Developers Pvt. Ltd. for releasing of his shares vide letter dated 14.06.2004 and subsequently 16.06.2004. But when the shares were not sent by Celica Developers Pvt. Ltd. the assessee further wrote a letter dated 08.12.2004 for releasing of 15,300 number of shares in favour of assessee and to this, Celica Developers Pvt. Ltd. vide let ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transfer in cases of sale transactions of securities provided such transactions are followed up by delivery of shares and also the transfer deeds. Similarly, in respect of the purchasers of the securities, the holding period shall be reckoned from the date of the broker s note for purchase on behalf of the investors. In case the transactions take place directly between the parties and not through stock exchanges, the date of contract of sale as declared by the parties shall be treated as the date of transfer provided it is followed up by actual delivery of shares and the transfer deeds . 4.1. From the above facts and circumstances and the CBDT Circular No. 704 dated 28.04.1995, we are of the view that in the present case, the intention ..... X X X X Extracts X X X X X X X X Extracts X X X X
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