Share transactions declared by assessee cannot be doubted merely on ground that shares were of lesser known companies and their value cannot appreciate to the level claimed by the assessee

CIT Vs Atma Ram Tulsyan and Others (Allahabad High Court) – AO was of the view that the possibility of appreciation in the price of shares of lesser known companies in such short period appears to be remote. On this premise, the benefit of capital gains was denied. Evidently, in the absence of any contrary material, it is but obvious that the assessment order was framed on presumptions and assumptions. The other aspect of the case is that at no stage, except doubting the sale transactions, the Department doubted the documents which were produced by the assessee to substantiate his claim ...