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TMI Blog2018 (1) TMI 1080X X X X Extracts X X X X X X X X Extracts X X X X ..... he payment for sale of shares was received through banking channels. All the documentary evidence being in favour of assessee, the deletion of the addition made by the CIT(A) was correctly upheld by the Tribunal. - Decided against revenue Addition made on the basis of seized document - ITAT confirming deletion of addition - Held that:- The documents on which the Assessing Officer relied upon in the appeal were not put to the assessee during the assessment proceedings. The CIT (Appeals) nevertheless considered them in detail and found that there was no co-relation between the amounts sought to be added and the entries in those documents. This was on an appreciation of facts. There is nothing to indicate that the same was perverse or irrat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee had not been able to substantiate the source of investment of ₹ 11,00,000/- in the said shares purchased during the financial year 2005-06 and the AO was directed to reopen the case of the assessee for the assessment year 2006-07 on this issue? ( iii) Whether the Hon ble ITAT has erred in ignoring an important aspect that in such cases of sham transactions of shares showing abnormal hike in their value, where the facts themselves speak loud and clear, the AO is justified to even draw an inference from the attendant circumstances? ( iv) Whether on the facts and in the circumstances of the case, the Hon ble Income Tax Appellate Tribunal has erred in law in upholding the order of the CIT(A) deleting the addition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... very high, the shares were traded on the National Stock Exchange and the payments and receipts were routed through the bank. There was no evidence to indicate for instance that this was a closely held company and that the trading on the National Stock Exchange was manipulated in any manner. 5. In these circumstances, following the judgement in ITA-18-2017, it must be held that there is no substantial question of law in the present appeal. 6. Question (iv) has been dealt with in detail by the CIT (Appeals) and the Tribunal. Firstly, the documents on which the Assessing Officer relied upon in the appeal were not put to the assessee during the assessment proceedings. The CIT (Appeals) nevertheless considered them in detail and found that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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