2012 (11) TMI 1258

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..... under Section 260-A of the Income-tax Act, 1961, hereinafter referred to as "the Act", against the impugned order dated 13th March, 2009 passed by the Income Tax Appellate Tribunal, Allahabad Bench, Allahabad. The Commissioner of Income Tax, Varanasi has proposed the following four questions said to be the substantial questions of law arising out of the order of the Tribunal. "1.W .....

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..... in the business. 4.Whether on the facts and circumstances of the case and keeping in view the uncontroverted fact that the assessee had failed to establish that the sale transaction of shares actually took place, was the ITAT justified in reverting the findings of the A.O. and the C.I.T.(appeals) in this regard in as much as the assessee had, in fact, introduced his own undisclosed income by rou .....

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..... y the assessee and physical possession of shares of the assessee. demat account held by the assessee and the fact of sale of shares to demat account, receipt of sale price, the purchases having made through registered Stock Broker of Stock Exchange, Calcutta, therefore was no reason to doubt the genuineness of the transaction. Simply because there was some variation in dates of purchase and sales .....

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