9911796707
TMI Blog2024 (4) TMI 1204X X X X Extracts X X X X X X X X Extracts X X X X ..... action the STT was duly paid by the assessee. The other relevant documents such as debit note etc were filed by the assessee before the assessing officer. Besides, the assessee has not claimed the long term capital loss in her return of income, hence there is no loss to the revenue. Based on this factual position we find that the addition made by the assessing officer needs to be deleted hence we delete the addition. Assessee appeal allowed. - SHRI PAWAN SINGH, JM DR. A. L. SAINI, AM For the Assessee : Shri Kiran K. Shah, CA For the Respondent : Shri Vinod Kumar, Sr. DR ORDER PER DR. A. L. SAINI, AM: Captioned appeal filed by the assessee, pertaining to Assessment Year (AY) 2013-14, is directed against the order passed by the Learned Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d try to carry out transactions for such a small amount. The assessee also submitted that there was no capital gain with her and therefore, there was no intention to set off the loss by carrying forward the loss, that is, the assessee even did not claim the carry forward of loss. The assessee therefore, urged before Assessing Officer that no addition ought to be made on account of sale of transactions of the said company`s shares wherein the assessee had genuine (Long Term Capital Loss) LTCL of Rs.1,656/-. 4. However, the assessing officer rejected the contention of the assessee and after analysing the evidences and the submission of the assessee, the Assessing Officer came to conclusion that assessee received an amount of Rs.3,29,400/- on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... term capital loss is exempted under section 10(38) of the Act. No cash was deposited by the assessee in the bank account before purchase of shares, therefore the said transaction is genuine in nature hence addition made by the assessing officer may be deleted. 9. On the other hand, learned Senior Departmental Representative (ld. Sr. DR) for the Revenue submitted that it is an accommodation entry, taken by the assessee by way of long term capital loss, therefore addition made by the Assessing Officer should be sustained. 10. We have heard both the parties and carefully gone through the submissions put forth on behalf of the assessee along with the documents furnished and the case laws relied upon, and perused the facts of the case including ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e that both purchase and sale of shares were through account payee cheques and demat account also used and are part of regular accounts. The assessee stated that no transaction was incurred through Sharad Darak whose statement is relied upon. We note that statement of Sharad Darak is of general nature and there is no reference of the assessee concerned. The assessee has not received any loan or benefits out of transactions carried out through Jayant Securities Investment Ltd. We know that in order to prove the transaction genuine the assessee has submitted the bank statement that is all the transactions of purchase and sales work through bank, and assessee submitted the debit note, the assessee also submitted that STT was duly paid on the s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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