9911796707
TMI Blog2022 (4) TMI 281X X X X Extracts X X X X X X X X Extracts X X X X ..... se shares from the books of the sister of the assessee. The assessee has submitted that correct cost of acquisition is ₹ 20,25,000/- as shown in that account. The ledger account is also reproduced by the learned CIT(A) in his order but he did not consider the same. We find that the order of the learned CIT(A) itself shows that there is a confirmation available from the sister of the assessee about the correct cost of acquisition of these shares - no further proof is required. In the result, we find that the claim of the assessee is correct and therefore, we restore the grounds of appeal before the learned AO with a direction to compute the capital gain on sale of share of M/s. Liberty Urvarak Ltd. by taking the cost of acquisition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not directing Assessing Officer to refund tax excess amount of tax paid by the appellant together with interest. 3. The brief facts of the case shows that the assessee is a individual who filed returned of income on 13th July, 2013 declaring income of ₹ 41,32,19,840/-. The case was selected for scrutiny under Computer Assisted Scrutiny Selection (CASS). 4. During the course of assessment proceedings, the claim of the assessee of long term capital gain was examined on sale of shares of M/s. Liberty Phosphate Ltd. and M/s. Liberty Urvarak Ltd. During the course of assessment proceedings, while calculating the cost of acquisition of 2,02,500 shares of M/s. Liberty Urvarak Ltd., assessee pointed out that there is an inadvertent mi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he action of the Assessing Officer. 10. The learned Departmental Representative supported the order of the learned lower authorities. 11. We have carefully considered the rival contentions and perused the orders of the lower authorities. The fact clearly shows that during the previous year assessee has sold 2,02,500 equity shares of one company which was received by him through gift from her sister. The cost of acquisition of the shares in the hands of the sister was ₹ 20,25,000/-. The above cost of acquisition was indexed to the year of sale at ₹ 35,94,375/-. The claim of the assessee is that at the time of filing of the return of income, the cost of the acquisition of the share by mistake taken as ₹ 2,02,500/-. Bef ..... X X X X Extracts X X X X X X X X Extracts X X X X
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