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TMI Blog2024 (11) TMI 246X X X X Extracts X X X X X X X X Extracts X X X X ..... loss of revenue. The bank statement submitted by the assessee during the course of assessment proceedings reflected that the transactions were carried out by the assessee on payment of STT. Tribunal taking into consideration the relevant documents such as debit note etc. filed by the assessee before the AO held that the transactions of the shares carried out by the assessee is genuine on the factual position and deleted the addition made by the Assessing Officer. Decided in favour of assessee. - HONOURABLE MR. JUSTICE BHARGAV D. KARIA AND HONOURABLE MR. JUSTICE D.N.RAY Appearance: For the Appellant(s) No. 1: Mr. Karan Sanghani, Senior Standing Counsel For Mrs Kalpana K Raval (1046. For the Respondent: None ORAL ORDER (PER : HONOURABLE MR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received from Jayant Securities Finance Ltd on account of sale of shares is an accommodation entry and not a genuine transaction? iv) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was justified in ignoring the fact that, one of the controlling persons of Jayant Securities Finance Ltd, Shri Sharad Darak in his on oath statement u/s. 132(4) of the Act categorically admitted that he is into the business of providing accommodation entry of share capital, loans advances or sale-purchase of goods and services through his companies in lieu of commission? 2. The respondent-assessee filed return of income showing taxable income at Rs. 12,99,540/- on 29.08.2013 for the Assessment Year 2013-14. Notice unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yant Securities and Finance Ltd. The Assessing Officer alleged that the assessee had carried out bogus transactions through them. We note that assessee has simply sold shares to Jayant Securities Finance Ltd. The assessee submitted before assessing officer that, unlike other case of buying shares which is exempted LTCG, in this case also there was regular transactions and the assessee had incurred long term capital loss. Such loss the assessee has not claimed in the return of income to carry forward and set off from future profits, Hence, there is no loss of revenue and no tax evasion. The assessee further submitted that no prudent person would try to carry out transactions for such a small amount. The assessee therefore, stated that no add ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) (c) CIT v/s. Makeshchandra G. Vakil (2013) 40 taxmann.com 326 (Guj.) (d) CIT v/s. Ramniwas Kasat, 82 taxmann.com 48 (Guj.) 12. We note that assessee had purchased 20000 shares on 08.02.2010 for Rs. 4,59,800/- at an average value of Rs. 23/- per share. The assessee has sold part of the shares in Financial year (FY.) 2011-12 and the balance share being 14394 shares was sold in the assessment year under consideration. Long term capital loss is not claimed in the computation of income hence there is no loss to the revenue. The assessee has submitted the bank statement before the assessing officer and on the said transaction the STT was duly paid by the assessee. The other relevant documents such as debit note etc were filed by the assessee be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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