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TMI Blog2015 (11) TMI 1705X X X X Extracts X X X X X X X X Extracts X X X X ..... ns as genuine and profit arising out of the same, i.e. out of sale and purchase of shares is rightly treated as capital gains - appeal dismissed - decided against Revenue. - I.T.A Nos.624 & 625/Kol/2011, I.T.A No.635/Kol/2011 - - - Dated:- 26-11-2015 - Shri Mahavir Singh, JM Shri M. Balaganesh, AM For the Appellant: Shri D. Lahiri, JCIT, Sr. DR For the Respondent: Shri A. K. Ghosh, Advocate ORDER Per Shri Mahavir Singh, JM: All these three appeals by revenue are arising out of separate orders of CIT(A)- VIII, Kolkata in Appeal Nos.416, 415 417/CIT(A)-VIII/Kol/2009-10 all dated 22.12.2010. Assessments were framed by ITO, Ward-9(2), Kolkata u/s. 147/143(3) of the Income-tax Act, 1961 (hereinafter referred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edecessor has already been contested by the department in appeal before the Hon'ble ITAT and the same is still pending. 3. Briefly stated facts are that the assessee during the year under consideration claimed long term capital gain arising out of sale of shares at ₹ 48.44 lacs. The assessee s portfolio of investment comprised of shares of PSL finance Ltd. and Sangotri Construction Ltd. According to AO, he has received a report from ADIT (Inv.), Durgapur wherein while disposing of tax evasion petition necessary enquiries were conducted with Calcutta Stock Exchange Association Ltd. and as per his report dated 04.08.2008 vide no. ADIT(Inv)/DGP/2008-09/23 stated that the Calcutta Stock Exchange Association Ltd. vide their letter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee and also payments are made by cheques directly to the share brokers accounts. We have gone through the contract notes and found that the observations of the AO that the contract notes are devoid of I D card of client but this is factually incorrect whereas the contract note contained complete I D card of clients and which is mandatory in view of SEBI regulations. From the above facts, we are of the view that transactions of shares entered into by the assessee are evidenced by contract note of the share broker and these brokers are duly registered with SEBI and their registration number is mentioned on the contract notes. The complete name of the client, ID of the assessee, date of transaction, settlement numbers and settlem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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