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TMI Blog2021 (5) TMI 1013X X X X Extracts X X X X X X X X Extracts X X X X ..... , alter or amend the grounds of appeal before the appeal is decided. Ground of appeal in IT(SS)A No.223/Ind/2019, Smt. Sona Lila 1.The Learned Assessing officer has erred in law and on facts in making addition of Rs. 3,59,495/-. 2. The Learned AO has erred in making the addition of Rs. 3,59,495/- ignoring the evidence filed by the appellant in support of income from Capital Gain. 3. That the Ld. AO has erred in treating the income of Long Term Capital Gain as income from other sources without having any material or evidence on record to do so. 4.That the appellant reserves the right to add, alter or amend the grounds of appeal before the appeal is decided. Ground of appeal in IT(SS)A No.224/Ind/2019, Shri Shankar Kumar Lila 1.The Learned Assessing officer has erred in law and on facts in making addition of Rs. 81,322/-. 2. The Learned AO has erred in making the addition of Rs. 81,322/- ignoring the evidence filed by the appellant in support of income from Capital Gain. 3. That the Ld. AO has erred in treating the income of Long Term Capital Gain as income from other sources without having any material or evidence on record to do so. 4.That the appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act was conducted on 28.10.2010 at various business premises of Lilasons Group and individuals connected to this group. The assessee was also subject to search. Subsequently, notice u/s 153A of the Act was issued followed by serving of notices u/s 143(2) & 142(1) of the Act. The assessee has been consistently filing the returns and original return of income for A.Y. 2005-06 was filed on 31.07.2005 declaring income of Rs. 10,54,407/-. Similar income was again disclosed in the return filed in compliance to notice u/s 153A of the Act submitted on 21.02.2012. Though a common assessment order has been framed for A.Ys. 2005-06 to 2010-11 but our adjudication is confined to A.Y. 2005-06 only. 4. During the assessment proceedings while examining the computation of income Ld. AO observed that the assessee has shown Long Term Capital Gain at Rs. 4,24,313/-. Details were called and the same were duly filed including the contract note for purchase and sale, DEMAT account for transfer of shares and bank statement in support of the remittance received. But Ld. AO was not convinced as he observed that the transaction of purchase and sale have taken place in physical form. Ld. AO treated the cap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b. Chennai) Parag M. Sanghvi 63 taxmann.com 118 (Trib. Mumbai) 5. Without prejudice, it is submitted that the in respect of the transaction of capital gains, the following details are furnished: - i. The Demat statement for purchase and sale of shares is at PB 4-5. The transaction is duly reflected in the Demat statement of the assessee. ii. Through this Demat only, the sale proceeds of various other listed companies like Axis Bank, Bank of India, Colgate etc were reflected, which has not been doubted by the department. iii. The share broker was DPS shares and Securities, who was duly registered with SEBI. He gave contract notes and broker statement which are placed at PB 6-19. iv. The shares were sold through banking channels and the amount was received in the bank of the assessee. PB 20. v. It is pertinent to note that the purchase and sale both were STT paid. In the contract note at PB 7, details for purchase of shares of Interlink FN is mentioned. STT has been charged in the contract note. 6. No evidence was brought on record to show that the capital gains was bogus. 7. Ld. AO referred to certain inquiries conducted by the Investigation Wing at Mumbai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion is genuine. Reliance is placed on following cases: i. Pr. CIT vs Smt. Krishna Devi (Del. HC) - PB 21-30 ii. Arzoo Anand (Trib. Indore) - PB 31-43 iii. Smt. Smita P Patil (Trib. Pune) - PB 44-60 iv. ITO vs Smt. Arti Mittal (Hyd. Trib) - PB 61-78 v. Consistent Vyapaar Pvt Ltd. (Trib. Kol.) - PB 79-99 vi. Smt. Kalpana Mukesh Ruia (Trib. Mum.)- PB 100-161 vii. Saroj Damani (Trib. Mum.) - PB 162-179 viii. Smt. Karuna Garg (Trib. Del.) - PB 180-186 It is therefore prayed that the addition made may kindly be set-aside both on legal ground as well as on the merits. 7. Per contra Ld. Departmental Representative (DR) supported the finding of both the lower authorities and also submitted that there is mismatch of names in the name of company appearing in contract note with those appearing in the DEMAT account. However, Ld. CIT-DR failed to controvert the fact that the alleged additions are made only on the basis of information collected during the assessment proceeding and the genuineness of the brokers through which purchase and sale were effected and the agency managing DEMAT account is not in doubt. 8. We have heard rival contentions and perused the record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tails of computation of income originally filed, DEMAT statement, statement from brokers, ledger account in the books of brokers, contract note, form no.10DB regarding payments of Security transaction tax and the bank statement. Though the Ld. DR in some of cases has referred to some mismatch in the names but the same were clarified by the Ld. counsel for the assessee to our satisfaction. 12. We, therefore, after carefully examining the documents placed before us are satisfied that the assessee had made genuine claim of capital gain (Long Term Capital Gain/Short Term Capital Gain) in their respective returns of income and both the purchase and sales of shares are proved to be correct and the credit of the consideration in the bank account for the years under appeal are having direct nexus with the sale of equity shares made during the year, are of the considered view that both lower authorities were not justified in treating the alleged income as income from other sources without disputing the genuineness of the evidences placed on record finding anything contrary to the claim of the assessee, and merely denying the claim of the assessee by giving general remarks. Thus, this commo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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