9911796707
TMI Blog2003 (6) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... by filing full details of share transactions before the Assessing Officer discharged the onus which lay on it but that the Assessing Officer failed to discharge the onus cast on him to bring any material on record to support his findings. The same has vitiated the impugned order?" In all these cases the assessees are investment companies and their primary source of income is from interest. In the relevant assessment years, the assessee-companies showed loss on account of certain share transactions and claimed deduction on that loss from their total income. The Assessing Officer did not agree with the claim made by the companies for the loss sustained by them on share transactions and reached the conclusion that the transactions entered i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny are duly supported by the contract notes and bills of recognized share brokers of the stock exchange and other documentary evidences. All the payments have been made and/or received through account payee cheques and/or drafts. Those are reflected in the bank statements filed by the respondent-company in its paper book. No material has been brought on record by the Assessing Officer in support of his observation that the transactions were rigged or were not genuine. It is well settled law that the onus of proving that the apparent is not the real is on the party who claims it to be so. This view was taken by the apex court in the case of CIT v. Daulat Ram Rawatmull [1973] 87 ITR 349. The respondent-company by filing full details of share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss. We can take judicial notice of the fact that share price is not static and share market may have lower trend. The share price may rise or may come down next day and to minimize the loss the shareholder may transfer his shares even at loss. There is no evidence on record placed by the Revenue to indicate that the disputed share transactions have been entered into between parties, who are close relatives or friends or the persons having common interests, nor there is any material placed on record to indicate that the share transactions have been entered in to between the same parties adopting the same modus operandi for a reasonable span of period. On the other hand, the assessee has placed on record to indicate that all the share tran ..... X X X X Extracts X X X X X X X X Extracts X X X X
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