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TMI Blog2019 (2) TMI 355X X X X Extracts X X X X X X X X Extracts X X X X ..... r the sale of shares, (h) copy of bank statement reflecting sale proceeds receipts, (i) copy of brokers ledger, (j) copy of Contract Notes etc. Addition u/s 68 of the Act, on account of Long Term Capital Gains - Decided in favour of assessee. - I.T.A. No. 1973/Kol/2018 And I.T.A. No. 1974/Kol/2018 - - - Dated:- 1-2-2019 - Sri J. Sudhakar Reddy, Accountant Member For the Appellant : Shri Miraj D. Shah, AR For the Respondent : Shri Robin Choudhury, Addl. CIT DR ORDER PER J. SUDHAKAR REDDY :- These appeals are filed by these assessees and are directed against the order of the ld. Commissioner of Income Tax (Appeals), Siliguri (hereinafter the ld. CIT (A) ), passed u/s 250 of the Income Tax Act, 1961 (the Act ) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ature and not specific to any assessee. The assessee was not confronted with any statement or material alleged to be the basis of the report of the Investigation Wing of the department and which were the basis on which conclusion were drawn against the assessee. Copy of the report was also not given. 4. The ld. D/R, submitted that the transaction was not genuine. He argued that the entire capital gain was stage managed by a few operators and investors. He relied on the order of ld. Assessing Officer and argued that the same be upheld. He relied on the order of the Chennai A Bench of the Tribunal in the case of M/s. Pankaj Agarwal Sons (HUF) vs. ITO in ITA No. 1413 to 1420/CHNY/2018; order dt. 06/12/2018, for the proposition that such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITA No.569/Kol/2017 Gautam Pincha 15.11.2017 6 ITA No.443/KOl/2017 Kiran Kothari HUF 15.11.2017 7 ITA No.2281/Kol/2017 Navneet Agarwal vs. ITO 20.07.2018 8 ITA No.456 of 2007 Bombay High Court CIT vs. Shri Mukesh Ratilal Marolia 07.09.2011 9 ITA No.95 of 2017 (O M) PCIT vs. Prem Pal Gandhi 18.01.2018 10 ITA No.1089/Kol/2018 Sanjay Mehta 28.09.2018 In the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rchase of shares, (b) evidence of payment for purchase of shares made by way of account payee cheque, copy of bank statements, (c) copy of balance sheet disclosing investments, (d) copy of demat statement reflecting purchase, (e) copy of broker ledger account, (f) evidence of sale of shares through the stock exchange, (g) copy of demat statement after the sale of shares, (h) copy of bank statement reflecting sale proceeds receipts, (i) copy of brokers ledger, (j) copy of Contract Notes etc. 7. The proposition of law laid down in these case laws by the Jurisdictional High Court as well as by the ITAT Kolkata on these issues are in favour of the assessee. These are squarely applicable to the facts of the case. The ld. Departmental Represen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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