9911796707
TMI Blog2012 (5) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... as follows: Per Mahavir Singh, JM Both these appeals filed by assessee are arising out of separate orders of CIT(A)-XX, Kolkata in appeal Nos. 518/517/ CIT(A) - XX/Wd. 36(1)/07-08/Kol dated 13.01.2010. Separate assessments were framed by ITO, Ward-36(1), Kolkata u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for Assessment Year 2005-06 vide his separate orders both dated 31.12.2007. Since issue is common we dispose of both these appeals by this common order for the sake of convenience. 2. The only issue in respect of ITA No. 698/K/2010 of revenue is against order of CIT(A) treating the sale of shares for Long Term Capital Gains (LTCG) instead of assessed by AO as "Income from other Sources". For this, reven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Multiplus Resources Ltd. KCA Stock Broking Private Ltd. 01.12.2004 Multiplus Resources Ltd. KCA Stock Broking Private Ltd. 29.11.2004 The broker vide letter dated 10.11.2007 confirmed the following facts: "1. The said client, Sri Rabindra Sanghai (HUF) purchased through us 10000 shares of Shree Narayan Raj Kumar Mercantiles Ltd. On 03.08.2004 @ 3.52 i.e. for Rs.35,200/- . The payment of the said amount was made in cash on 05.08.2004. 2. Our ID No. is 0516. 3. Nature and quantity of the transaction is stated in Para 3. The trade was made through delivery and not speculative in nature. The delivery was made through DP. 4. Photocopy of Contract Note Enclosed herewith. The Demat account no. is 10466543 with 11 & F S Ltd. 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al pronouncements, relied upon by the appellant, also support its contentions. In view of the above, it is held that the capital gain shown by the appellant on sale of shares is genuine and the AO was not justified in adding the sale proceeds as income from undisclosed sources. The addition of Rs.11,34,213/- is deleted. Ground no. 2&3 are allowed." Aggrieved, now revenue is in appeal before us. 4. We have heard rival submissions and gone through facts and circumstances of the case. We find that the assessee has filed all necessary details and documentary evidence qua purchases made from Stock brokers including copies of contract notes issued by broker. The assessee has also filed details of share credited in Demat account of assessee. Thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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