2012 (9) TMI 1196

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..... ial question of law: Whether the Appellate Tribunal is right in law and on facts in deleting the addition made by Assessing Officer in respect of capital gain of ₹ 1,38,21,924/- as unexplained cash credit under section 68 of the I.T. Act? 2. The assessee filed his return of income for the assessment year 2006-07 on 31.01.2007. The Assessing Officer framed the assessment under secti .....

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..... . D.R., we have carefully gone through the orders of the authorities below. It is pertinent to note that in the return of income, the assessee has declared the short-term capital gain of ₹ 1,34,82,475/- as under: Name of scrip Sales date Sales Value Purchase Date PurchaseValue STCG .....

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..... vinced that on doubts and suspicion, the AO has treated short-term capital gain of ₹ 1,38,21,924/- declared by the assessee as unexplained credit under section 1961 of the I.T. Act and in our considered opinion, the ld. CIT(A) has given cogent reason for directing the AO to accept the short-term capital gain of ₹ 1,34,82,475/- declared by the assessee in the return of income. We, there .....

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