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TMI Blog2012 (5) TMI 844X X X X Extracts X X X X X X X X Extracts X X X X ..... apital gain as against the same treated by the AO as unexplained credit under the provisions of section 68 of the I.T. Act. 2. Facts in brief as emerged from the corresponding assessment order passed u/s.143(3) of the I.T. Act, 1961 dated 28/11/2008 were that the assessee-HUF has claimed long-term capital gain of ₹ 8,68,147/- on the group of Gautam Resources. The details of sale and purchase was intimated as under:- Purchase Date No.of Shares Rate of Purchase Purchase Amount Sale date No.of Shares Sales rate Sale value 16.03.2004 10000 8.03 80300 28.7.2005 10000 94.95 9,49,500 2.1. In this regard, the Assessing Officer has made certain enquiries and thereafter concluded that the assessee has brought his unacc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... articular scrip had increased substantially in a short period of time, it could not be used as a ground to treat the transactions as bogus, especially when the genuineness of the transactions had already been proved beyond doubt by several documentary evidences procured by the AO, as also submitted by the Assessee along with the written confirmations furnished by the brokers and supported by their bank statements. 5.3. Given such facts and circumstances of the case as discussed above in considerable detail, I have come to the inevitable conclusion that there was simply no basis for the AO to treat the sum of ₹ 9,48,447 as unexplained cash credit under the provisions of section 68 of the IT Act, which will therefore stand deleted. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar Kayari, the Service tax Securities Transaction Tax and Education Cess were separately mentioned. This clearly showed that the AO had not studied the contract notes in detail. 7.1 With regard to the point raised by the AO about the absence of brokerclient agreement, it has been submitted that the genuineness of the transactions was already proved by the contract notes for sale and purchase, the bank statement of the broker, the Demat Account showing transfer in and out of shares, as also the abstract of transactions furnished by the CSE. The brokers had separately confirmed the transactions directly to the AO. 7.2 Finally, with regard to the objection of AO regarding sharp increase in the value of scrip, before the authorities below, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as disclosed by the assessee. We, therefore, incline to uphold the order of the Id. CIT(A). Resultantly, the appeal of the Revenue is dismissed." 4. An another decision of ITAT "A" Bench in the case of said group has also been cited pronounced in the case of ACIT vs. Hemani M.Vakil bearing ITA No.3106/Ahd/2009 for A.Y. 2006-07, order dated 31/05/2011, wherein as well the question of capital gain was accepted. Since on identical facts a view has already been taken by the Respected Co-ordinate Bench, therefore, we find no reason to taken any other view but to follow the view already taken. Resultantly, we hereby confirm the finding of Learned CIT(Appeals) and this ground of the Revenue is hereby dismissed. 5. In the result, the appeal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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