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TMI Blog2017 (9) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... n past SEBI had penalised the assessee for indulging into such off market transactions. Firstly, there is no reference to any such past deeds of the assessee in the order of assessment. Secondly, in any case, even as per the Revenue, the referred instance is relatable to earlier period. No substantial question of law.- Tax Appeal is dismissed Decided in favour of assessee. - Tax appeal no. 631 of 2017 - - - Dated:- 28-8-2017 - MR. AKIL KURESHI AND MR. BIREN VAISHNAV, JJ. For The Appellant : Mrs Mauna M Bhatt, Advocate ORAL ORDER ( PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgment of Income Tax Appellate Tribunal dated 6.10.2016 raising following question : Whether the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the A.R. that simply because some of the transactions are off market ones; they do not lead to the conclusion that the transactions are sham or fake. It is submitted that off market transactions are valid transactions though not through stock exchange but they are duly routed through demat accounts and banking channels. It is seen that the AO in the assessment order has observed that the onus lies on the assessee to establish the correctness of those bills and that this can be proved either by furnishing the evidence indicating that the transactions have been routed through the stock exchange and/or the exchange of shares/monies has taken place on the dates of transactions . From the foregoing discussion, it is clear that the appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rred by the assessee in the ordinary course of his business. Considering the totality of the facts, we do not find any reason to interfere with the findings of the ld CIT(A). Appeal filed by the Revenue is accordingly dismissed. 4. It can thus be seen that CIT(Appeals) found that the transactions were through Demat accounts. They were confirmed by the opposite parties and payments were made through banking channel. The entire issue therefore, revolves around appreciation of evidence on record. CIT(Appeals) and Tribunal having concurrently come to factual findings, no question of law arises. 5. Counsel for the Revenue however, referred to the appeal memo and contended that in past SEBI had penalised the assessee for indulging into s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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