9911796707
TMI Blog2024 (8) TMI 754X X X X Extracts X X X X X X X X Extracts X X X X ..... found fault with any of the documents furnished by the assessee evidencing the purchase and sale of shares - AO has also not carried out any independent enquiry with regard to the transactions carried on by the assessee, i.e. he has simply relied upon the generalised the report given by the Investigation wing. Appeal filed by the Revenue is dismissed. - Shri B.R. Baskaran, Accountant Member And Shri Anikesh Banerjee, Judicial Member For the Assessee : Shri Vishnu Agarwal For the Revenue : Shri Yogendra T. Wakare, Sr.DR ORDER PER B.R. BASKARAN, A.M : The Revenue has filed this appeal challenging the order dt. 25-07-2023 passed by the learned Commissioner of Income Tax (Appeals)-NFAC, Delhi (in short Ld.CIT(A) ) and it relates to AY. 2014-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived back this amount. 4. In the appellate proceedings, Ld.CIT(A) deleted the addition on the reasoning that the assessing officer has not found fault with any of the documents furnished by the assessee in support of purchase and sale of shares. In this regard, Ld. CIT(A) took support of the decision rendered by the Mumbai Bench of the Tribunal in the case of Srichand Chaturmal (HUF) vs. ACIT in ITA No.6537/Mum/2018 and other decisions rendered on the similar lines. Accordingly, she deleted the addition made by the AO and hence, the Revenue is in appeal. 5. We heard the parties and perused the record. We notice that the assessee has purchased the shares from the market in physical form, got it transferred to his name and later demateriali ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d purchase of shares. The Tribunal has also come to a finding that there is no allegation against the assessee that it has participated in any price rigging in the market on the shares of RFL. 3. Therefore we find nothing perverse in the order of the Tribunal. 4. Mr. Walve placed reliance on a judgement of the Apex Court in Principal Commissioner of Income tax (Central)-1 vs. NRA Iron Steel (P) Ltd (2019)(103 taxmann.com 48)(SC) but that does not help the revenue in as much as the facts in that case were entirely different. 5. In our view, the Tribunal has not committed any perversity or applied incorrect principles to the given facts and when the facts and circumstances are properly analysed and correct test is applied to decide the issue ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
